Bloomberg称AI token支出指数自5月高点回落，提示AI定价权与capex叙事存在争议

{'type': 'document', 'content': [{'type': 'inline-newsletter', 'data': {'position': 'top'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'At a time when markets are growing uneasy over whether the enormous sums being poured into artificial intelligence will ever pay off, the prices the sector commands for each unit of usage are drifting lower.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'The '}, {'type': 'link', 'data': {'href': 'bbg://securities/SDLLMTK%20Index/HCPI', 'title': 'Historical Price Index', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Historical Price Index', 'destination': {'bbg': 'bbg://securities/SDLLMTK%20Index/HCPI'}}, 'content': [{'type': 'text', 'value': 'Silicon Data LLM Token Expenditure Index'}]}, {'type': 'text', 'value': ', which tracks what users pay for AI tokens, is down almost 20% from a high in May after nearly doubling since its inception in December. The gauge is the cleanest read anyone has on the $700 billion-plus capex boom that has done the sector’s heavy lifting.'}]}, {'type': 'ad', 'data': {'num': 1, 'pageId': 'article'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'For stock investors, that could be flashing a warning that AI companies are losing pricing power with increasingly '}, {'type': 'entity', 'subType': 'story', 'data': {'story': {'identifiers': {'suid': 'THJXB1KJH6V5'}}, 'link': {'href': 'bbg://news/stories/THJXB1KJH6V5', 'title': 'SAP Restricts Hiring, Travel to Fund ‘Significant’ AI Push (2)', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'data-web-url': 'https://www.bloomberg.com/news/articles/2026-07-02/sap-restricts-hiring-travel-to-fund-significant-ai-push', 'webUrl': 'https://www.bloomberg.com/news/articles/2026-07-02/sap-restricts-hiring-travel-to-fund-significant-ai-push', 'tooltip': 'SAP Restricts Hiring, Travel to Fund ‘Significant’ AI Push (2)', 'destination': {'web': 'https://www.bloomberg.com/news/articles/2026-07-02/sap-restricts-hiring-travel-to-fund-significant-ai-push', 'bbg': 'bbg://news/stories/THJXB1KJH6V5'}}}, 'content': [{'type': 'text', 'value': 'cost-sensitive'}], 'meta': {'suid': 'THJXB1KJH6V5', 'type': 'StoryLink'}}, {'type': 'text', 'value': ' customers, and that expectations for an eventual AI bonanza could prove misplaced.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': '“There are increasing reports that users of AI solutions, priced in tokens, are having to restrain unlimited use due to high costs,” said veteran investor '}, {'type': 'entity', 'subType': 'person', 'data': {'person': {'identifiers': {'personId': 14008610}}, 'link': {'href': 'bbg://people/profile/14008610', 'title': 'Bloomberg Profile', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Bloomberg Profile', 'destination': {'bbg': 'bbg://people/profile/14008610'}}}, 'content': [{'type': 'text', 'value': 'Louis Navellier'}], 'meta': {'profile': '14008610', 'type': 'ProfileLink'}}, {'type': 'text', 'value': '. “The chatter that OpenAI is pushing back its IPO to next year is seen as a sign that, currently, profitability remains a problem.” '}]}, {'type': 'media', 'subType': 'chart', 'data': {'identifiers': {'avmmId': 459677233}, 'remoteContent': [{'link': {'destination': {'bbg': 'http://resource.bloomberg.com/images/459677233', 'web': 'https://www.bloomberg.com/toaster/v2/charts/ekx71onf27zn07z8s3f1ro2x7dh77v6q'}}, 'rendition': 'highres'}], 'chart': {'data-id': '459677233', 'data-type': 'image', 'data-image-type': 'chart', 'data-image-size': 'full', 'data-align': 'center', 'id': 459677233, 'type': 'image', 'imageType': 'chart', 'imageSize': 'full', 'align': 'center', 'src': 'https://www.bloomberg.com/toaster/v2/charts/ekx71onf27zn07z8s3f1ro2x7dh77v6q', 'alt': '', 'caption': '', 'credit': '', 'fallback': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iIjqEOVhaH94/v3/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE/-1x-1.png'}, 'attachment': {'id': '459677233', 'title': 'LLM Token Expenditure Index Doubled Before Pullback', 'subtitle': 'Interpreting cost of AI tasks poses challenge for investors', 'uuid': 'ekx71onf27zn07z8s3f1ro2x7dh77v6q', 'url': 'https://www.bloomberg.com/toaster/v2/charts/ekx71onf27zn07z8s3f1ro2x7dh77v6q', 'footnote': '', 'source': 'Source: Bloomberg', 'theme': 'business', 'aspectRatio': '2010:1392', 'creator': 'TOASTER', 'responsiveImages': {'large': None, 'mobile': None, 'widget': None, '__typename': 'ChartResponsiveImageSet'}, '__typename': 'Chart'}}}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Just to clarify, a softer index doesn’t mean AI is getting cheaper. The gauge blends prices and usage, meaning a dip can imply very different scenarios: either list prices are falling, or demand is shifting toward '}, {'type': 'entity', 'subType': 'story', 'data': {'story': {'identifiers': {'suid': 'TFHGHHKK3NY8'}}, 'link': {'href': 'bbg://news/stories/TFHGHHKK3NY8', 'title': 'DeepSeek To Make Permanent 75% Discount on Flagship AI Model', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'data-web-url': 'https://www.bloomberg.com/news/articles/2026-05-23/deepseek-to-make-permanent-75-discount-on-flagship-ai-model', 'webUrl': 'https://www.bloomberg.com/news/articles/2026-05-23/deepseek-to-make-permanent-75-discount-on-flagship-ai-model', 'tooltip': 'DeepSeek To Make Permanent 75% Discount on Flagship AI Model', 'destination': {'web': 'https://www.bloomberg.com/news/articles/2026-05-23/deepseek-to-make-permanent-75-discount-on-flagship-ai-model', 'bbg': 'bbg://news/stories/TFHGHHKK3NY8'}}}, 'content': [{'type': 'text', 'value': 'cheaper '}], 'meta': {'suid': 'TFHGHHKK3NY8', 'type': 'StoryLink'}}, {'type': 'text', 'value': 'models. It could also point to a genuine softening in what buyers are prepared to shoulder. '}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Each of these possibilities carries different implications. Silicon Data, which built the index, has '}, {'type': 'link', 'data': {'href': 'https://x.com/Silicon_Data/status/2063027245975814339', 'title': 'Silicon Tweet', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Silicon Tweet', 'destination': {'web': 'https://x.com/Silicon_Data/status/2063027245975814339'}}, 'content': [{'type': 'text', 'value': 'warned'}]}, {'type': 'text', 'value': ' people to stop reading it as a price tag. The firm calls it a proxy for marginal willingness to pay.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Read More: '}, {'type': 'entity', 'subType': 'story', 'data': {'story': {'identifiers': {'suid': 'TGTYLXKJH6V5'}}, 'link': {'href': 'bbg://news/stories/TGTYLXKJH6V5', 'title': 'The End of Tokenmaxxing? How AI Is Moving to Pay-as-You-Go', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'data-web-url': 'https://www.bloomberg.com/news/articles/2026-06-18/ai-costs-what-shift-from-flat-rate-to-token-pricing-model-means-for-industry', 'webUrl': 'https://www.bloomberg.com/news/articles/2026-06-18/ai-costs-what-shift-from-flat-rate-to-token-pricing-model-means-for-industry', 'tooltip': 'The End of Tokenmaxxing? How AI Is Moving to Pay-as-You-Go', 'destination': {'web': 'https://www.bloomberg.com/news/articles/2026-06-18/ai-costs-what-shift-from-flat-rate-to-token-pricing-model-means-for-industry', 'bbg': 'bbg://news/stories/TGTYLXKJH6V5'}}}, 'content': [{'type': 'text', 'value': 'The End of Tokenmaxxing? How AI Is Moving to Pay-as-You-Go'}], 'meta': {'type': 'StoryLink', 'suid': 'TGTYLXKJH6V5'}}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Let’s start with a benign read: While token prices have '}, {'type': 'link', 'data': {'href': 'https://www.apollo.com/wealth/insights-news/insights/daily-spark/cheaper-tokens-bigger-bills', 'title': 'Link to Website', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Link to Website', 'destination': {'web': 'https://www.apollo.com/wealth/insights-news/insights/daily-spark/cheaper-tokens-bigger-bills'}}, 'content': [{'type': 'text', 'value': 'collapsed'}]}, {'type': 'text', 'value': ' more than 90% since 2023, total spend has roughly doubled since last year. Cheaper tokens have expanded the market. This means that an index pause is simply digestion, while demand is real and capex is money well spent. The bull case for '}, {'type': 'entity', 'subType': 'security', 'data': {'security': {'identifiers': {'parsekey': 'NVDA US Equity'}}, 'link': {'href': 'bbg://securities/NVDA%20US%20Equity', 'title': 'Company Overview', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Company Overview', 'destination': {'bbg': 'bbg://securities/NVDA%20US%20Equity'}}}, 'content': [{'type': 'text', 'value': 'Nvidia Corp.'}], 'meta': {'security': 'NVDA US Equity', 'type': 'SecurityLink'}}, {'type': 'text', 'value': ', memory makers and data-center names rests here.'}]}, {'type': 'ad', 'data': {'num': 2, 'pageId': 'article'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Now for the interpretation that’s keeping people up at night: Bears warn that sustained weakness in the index could end the trade that saw nearly the entire AI cohort rally hard this cycle. '}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'It’s token spending that justifies the next capex order, and the bill is already looking stretched. Allianz Research '}, {'type': 'link', 'data': {'href': 'https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/economic-research/publications/specials/en/2026/march/2026_03_25_AI.pdf', 'title': 'Click for web link.', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Click for web link.', 'destination': {'web': 'https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/economic-research/publications/specials/en/2026/march/2026_03_25_AI.pdf'}}, 'content': [{'type': 'text', 'value': 'said'}]}, {'type': 'text', 'value': ' there’s nearly a 46% growth gap between AI investment and sales. That’s worse than the 32% divergence measured during the 2001 telecom bust. '}]}, {'type': 'media', 'subType': 'chart', 'data': {'identifiers': {'avmmId': 459917174}, 'remoteContent': [{'link': {'destination': {'bbg': 'http://resource.bloomberg.com/images/459917174', 'web': 'https://www.bloomberg.com/toaster/v2/charts/wvbplalpfkdsr4wtmwh7bl7fwzsbab8c'}}, 'rendition': 'highres'}], 'chart': {'data-id': '459917174', 'data-type': 'image', 'data-image-type': 'chart', 'data-image-size': 'full', 'data-align': 'center', 'id': 459917174, 'type': 'image', 'imageType': 'chart', 'imageSize': 'full', 'align': 'center', 'src': 'https://www.bloomberg.com/toaster/v2/charts/wvbplalpfkdsr4wtmwh7bl7fwzsbab8c', 'alt': '', 'caption': '', 'credit': '', 'fallback': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iycy2Nc6Z.NE/v3/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE/-1x-1.png'}, 'attachment': {'id': '459917174', 'title': 'Hyperscalers Are Funding the AI Trade', 'subtitle': 'Gap between capex spenders and beneficiaries has widened this year', 'uuid': 'wvbplalpfkdsr4wtmwh7bl7fwzsbab8c', 'url': 'https://www.bloomberg.com/toaster/v2/charts/wvbplalpfkdsr4wtmwh7bl7fwzsbab8c', 'footnote': '', 'source': 'Source: UBS, Bloomberg', 'theme': 'business', 'aspectRatio': '2010:1392', 'creator': 'TOASTER', 'responsiveImages': {'large': None, 'mobile': None, 'widget': None, '__typename': 'ChartResponsiveImageSet'}, '__typename': 'Chart'}}}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Fortunately for bulls, the downward trend has paused. It’s too early to call a bottom after one flat week, but it’s enough to keep the case for a rebound alive. '}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Contracts on the technology-heavy '}, {'type': 'entity', 'subType': 'security', 'data': {'security': {'identifiers': {'parsekey': 'NDX Index'}}, 'link': {'href': 'bbg://securities/NDX%20Index', 'title': 'Company Overview', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Company Overview', 'destination': {'bbg': 'bbg://securities/NDX%20Index'}}}, 'content': [{'type': 'text', 'value': 'Nasdaq 100 Index'}], 'meta': {'security': 'NDX Index', 'type': 'SecurityLink'}}, {'type': 'text', 'value': ' bounced 1.2% on Friday. Cash trading in US stocks is closed for a holiday.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': '“During the training phase, the cost of AI infrastructure and token generation is extraordinarily high, but in the current inference stage, the economics are significantly better,” said '}, {'type': 'entity', 'subType': 'person', 'data': {'person': {'identifiers': {'personId': 18292067}}, 'link': {'href': 'bbg://people/profile/18292067', 'title': 'Bloomberg Profile', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Bloomberg Profile', 'destination': {'bbg': 'bbg://people/profile/18292067'}}}, 'content': [{'type': 'text', 'value': 'David Miller'}], 'meta': {'profile': '18292067', 'type': 'ProfileLink'}}, {'type': 'text', 'value': ', senior portfolio manager at Catalyst Funds. “The net use of AI delivers a positive return on investment for companies, at least over the long term.”'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'There’s also a more recent, demand-side reason why the bearish read may have legs. Washington has a newfound willingness to exert control over a pivotal industry. The US government only this week removed foreign access '}, {'type': 'entity', 'subType': 'story', 'data': {'story': {'identifiers': {'suid': 'THH8V7T9NJLT'}}, 'link': {'href': 'bbg://news/stories/THH8V7T9NJLT', 'title': 'US Lifts Export Restrictions on Anthropic’s Fable 5 AI Model (3)', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'data-web-url': 'https://www.bloomberg.com/news/articles/2026-06-30/us-government-lifts-restrictions-on-anthropic-s-fable-5-model', 'webUrl': 'https://www.bloomberg.com/news/articles/2026-06-30/us-government-lifts-restrictions-on-anthropic-s-fable-5-model', 'tooltip': 'US Lifts Export Restrictions on Anthropic’s Fable 5 AI Model (3)', 'destination': {'web': 'https://www.bloomberg.com/news/articles/2026-06-30/us-government-lifts-restrictions-on-anthropic-s-fable-5-model', 'bbg': 'bbg://news/stories/THH8V7T9NJLT'}}}, 'content': [{'type': 'text', 'value': 'restrictions'}], 'meta': {'suid': 'THH8V7T9NJLT', 'type': 'StoryLink'}}, {'type': 'text', 'value': ' on '}, {'type': 'entity', 'subType': 'security', 'data': {'security': {'identifiers': {'parsekey': '1892140D US Equity'}}, 'link': {'href': 'bbg://securities/1892140D%20US%20Equity', 'title': 'Company Overview', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Company Overview', 'destination': {'bbg': 'bbg://securities/1892140D%20US%20Equity'}}}, 'content': [{'type': 'text', 'value': 'Anthropic PBC'}], 'meta': {'security': '1892140D US Equity', 'type': 'SecurityLink'}}, {'type': 'text', 'value': '’s Fable 5 model, days after regulators '}, {'type': 'entity', 'subType': 'story', 'data': {'story': {'identifiers': {'suid': 'TH7L9NT96OSP'}}, 'link': {'href': 'bbg://news/stories/TH7L9NT96OSP', 'title': 'Trump Administration Asks OpenAI to Stagger AI Model Release (1)', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'data-web-url': 'https://www.bloomberg.com/news/articles/2026-06-25/trump-administration-asks-openai-to-stagger-release-of-ai-model', 'webUrl': 'https://www.bloomberg.com/news/articles/2026-06-25/trump-administration-asks-openai-to-stagger-release-of-ai-model', 'tooltip': 'Trump Administration Asks OpenAI to Stagger AI Model Release (1)', 'destination': {'web': 'https://www.bloomberg.com/news/articles/2026-06-25/trump-administration-asks-openai-to-stagger-release-of-ai-model', 'bbg': 'bbg://news/stories/TH7L9NT96OSP'}}}, 'content': [{'type': 'text', 'value': 'requested'}], 'meta': {'type': 'StoryLink', 'suid': 'TH7L9NT96OSP'}}, {'type': 'text', 'value': ' OpenAI to stagger the roll-out of an upcoming release.'}]}, {'type': 'inline-newsletter', 'data': {'position': 'middle'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Meanwhile, the European Union’s '}, {'type': 'link', 'data': {'href': 'https://artificialintelligenceact.eu/high-level-summary/', 'title': 'Link to Website', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Link to Website', 'destination': {'web': 'https://artificialintelligenceact.eu/high-level-summary/'}}, 'content': [{'type': 'text', 'value': 'AI Act'}]}, {'type': 'text', 'value': ' targets frontier models for mandatory evaluations and stringent transparency requirements. None of these caps prices directly, but does create a deployment-and-compliance burden on top platforms that lesser-but-still-useful systems don’t carry. This consideration may just offer companies’ financial chiefs a rational reason to route workloads to cheaper models.'}]}, {'type': 'ad', 'data': {'num': 3, 'pageId': 'article'}, 'content': []}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'To be sure, this isn’t a chip-glut call. Top-end graphics processing units and high bandwidth memory are sold out through 2026, with no real relief arriving '}, {'type': 'entity', 'subType': 'story', 'data': {'story': {'identifiers': {'suid': 'T9W9S1KK3NY8'}}, 'link': {'href': 'bbg://news/stories/T9W9S1KK3NY8', 'title': 'Intel CEO Says There’s ‘No Relief’ on Memory Shortage Until 2028', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'data-web-url': 'https://www.bloomberg.com/news/articles/2026-02-03/intel-ceo-says-there-s-no-relief-on-memory-shortage-until-2028', 'webUrl': 'https://www.bloomberg.com/news/articles/2026-02-03/intel-ceo-says-there-s-no-relief-on-memory-shortage-until-2028', 'tooltip': 'Intel CEO Says There’s ‘No Relief’ on Memory Shortage Until 2028', 'destination': {'web': 'https://www.bloomberg.com/news/articles/2026-02-03/intel-ceo-says-there-s-no-relief-on-memory-shortage-until-2028', 'bbg': 'bbg://news/stories/T9W9S1KK3NY8'}}}, 'content': [{'type': 'text', 'value': 'until'}], 'meta': {'type': 'StoryLink', 'suid': 'T9W9S1KK3NY8'}}, {'type': 'text', 'value': ' 2028. The hardware tell is more subtle in that it points to a demand-mix shifting away from top-end training GPUs, toward inference-optimized parts. This changes the mix of winners, but doesn’t hand you a short.'}]}, {'type': 'media', 'subType': 'chart', 'data': {'identifiers': {'avmmId': 459916855}, 'remoteContent': [{'link': {'destination': {'bbg': 'http://resource.bloomberg.com/images/459916855', 'web': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHz3xgoHmNpM/v2/-1x-1.webp'}}, 'rendition': 'highres'}], 'chart': {'data-id': '459916855', 'data-type': 'image', 'data-image-type': 'chart', 'data-image-size': 'full', 'data-align': 'center', 'id': 459916855, 'type': 'image', 'imageType': 'chart', 'imageSize': 'full', 'align': 'center', 'src': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHz3xgoHmNpM/v2/-1x-1.webp', 'alt': "Semiconductors Look Very Expensive | SOX's absolute and relative valuations retrace from top of 15-year range", 'caption': '', 'credit': ''}, 'attachment': {'alt': "Semiconductors Look Very Expensive | SOX's absolute and relative valuations retrace from top of 15-year range", 'caption': None, 'credit': None, 'height': 675, 'id': '459916855', 'origHeight': 675, 'origWidth': 1200, 'size': None, 'title': "Semiconductors Look Very Expensive | SOX's absolute and relative valuations retrace from top of 15-year range", 'type': 'image', 'url': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHz3xgoHmNpM/v2/-1x-1.webp', 'width': 1200, 'themes': [{'id': 'white_background', 'url': 'https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHz3xgoHmNpM/v2/pidjEfPlU1QWZop3vfGKsrX.ke8XuWirGYh1PKgEw44kE/-1x-1.png', '__typename': 'Theme'}], '__typename': 'Image'}, 'link': {'destination': {'bbg': 'bbg://screens/G%20NEWS6%201422807%20THEME:NEWST', 'function': {'cmd': 'G NEWS6 1422807 THEME:NEWST'}}}}}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'Still, “unbridled” market enthusiasm, intensifying competition from China and price sensitivity makes DWS strategists led by chief investment officer '}, {'type': 'entity', 'subType': 'person', 'data': {'person': {'identifiers': {'personId': 7568643}}, 'link': {'href': 'bbg://people/profile/7568643', 'title': 'Bloomberg Profile', 'itemscope': 'itemscope', 'itemprop': 'StoryLink', 'tooltip': 'Bloomberg Profile', 'destination': {'bbg': 'bbg://people/profile/7568643'}}}, 'content': [{'type': 'text', 'value': 'Vincenzo Vedda'}], 'meta': {'profile': '7568643', 'type': 'ProfileLink'}}, {'type': 'text', 'value': ' cautious. “We are monitoring areas where valuations may look stretched,” they said.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'The conclusion is that the token chart cuts both ways, and one should hold both reads at once. If the late-June flattening holds and the dip was just mix-shift digestion, cheaper tokens will keep on expanding the markets, meaning capex spending stays justified, leaving the bull case intact.'}]}, {'type': 'paragraph', 'data': {}, 'content': [{'type': 'text', 'value': 'If instead this is the point where customers’ willingness to pay peaks just as regulatory headwinds nudge demand down-market, then the most expensive part of the trade is also the first to crack. That’s because it’s a pricing-power story, not a silicon story, that is funding the march toward $1 trillion of capex in 2027.'}]}, {'type': 'inline-newsletter', 'data': {'position': 'bottom'}, 'content': []}], 'data': {}}