"The price of AI is coming down"

1. Global yields. "Today is a bad day for global bond markets. The problem with trying to artificially cap long-term yields - as with Treasury buybacks - is that yields jump if markets think buybacks are too small. This tells you underlying upward pressure is intense..."

2. Gold ETF flows. "Global gold backed ETFs added US$18bn in August, marking the second largest monthly inflow in value terms on record ... Collective holdings rose by 121t to 4,189t, the highest on record."

3. Schwab Trading Activity Index. "The STAX reading fell 3.85% to 57.50, retreating from July's four-year high but remaining at the second-highest level of the past 12 months."

4. Token prices. "The price of AI is coming down ... Our latest index tracking the effective price per million tokens shows that prices have declined 41% to $0.68 as of this week, down from the 2026 peak of $1.15 in March."

5. AI spend. "AI bulls expect spending to increase across segments, but growth is especially important among the top 1%, which drives the vast majority of enterprise revenues for the model companies. Last month, that number fell 9.7% from $7,976 to $7,205."

ICYMI