MacroOct 23, 2026, 8:47 PM

AI token spending growth slows to 0.2% in September, lowest since November 2025

Monthly AI token spending rose just 0.2% in September, the weakest pace since November 2025, as lower model prices and efficiency gains cut the average cost per million tokens.

AI token spending increased by only 0.2% month over month in September, according to The Kobeissi Letter, the slowest monthly gain since November 2025. That followed a 1.0% rise in August, leaving two consecutive months at or below 1.0% growth—the weakest streak in at least 18 months.

The slowdown comes as prices for the most advanced AI models fall and efficiency and quality improve, pushing the average price per million tokens processed lower. Since July, overall AI token prices have dropped 48% to $0.65 per million tokens, the lowest level since at least January 2026.

Lower costs could support the next wave of AI adoption, the report adds.

Source: The Kobeissi Letter

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