Analysis

• The Great AI Price Collapse Is Overdraft — publish-gated
  The flagship $/MTok fell 97.9% over 44 months, then rose 4x in 8.5. The deflation era is over.
• The Shrinking Reign of the Flagshipdraft — publish-gated
  Median time at the top: 9.4 months before 2025, 2.8 months since. What that does to procurement.
• The Meter That Barely Moveddraft — publish-gated
  Input prices collapsed 50x. Output prices - where reasoning models actually bill - barely fell 4x.