The demand has to keep rising
For now, the equation works: cheaper tokens are associated with more demand for computing. But the relationship is a condition, not a guarantee. If AI use stops growing fast enough, lower prices would no longer be offset by greater consumption.
The consequences would reach beyond Nvidia:
H100 GPU rental price vs. token price index, with data through August 2026. | Image: via X
Source: the-decoder.com
Markets are watching the chain
US stocks fell after reports that OpenAI’s annual revenue run rate may be lower than previously reported. The reaction suggests that markets are already sensitive to signs that AI growth may not match expectations.
I think the important question is not whether token prices fall, but whether usage expands quickly enough to keep the infrastructure behind AI in short supply. Nvidia’s upside depends on that second part holding.
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