The LLM Token Spend Index, a key metric measuring the daily price of large language model tokens, fell to 97 cents this Monday, marking its lowest level since the index's inception late last year and a halving from its early summer peak. Charles-Henry Monchau, Chief Investment Officer at Syz Group, noted that the price drop is partly due to the rise of open-source Chinese models like Moonshot's Kimi K3, as well as OpenAI's price reduction for its GPT-5.6 model in late July, with other frontier labs also introducing dynamic pricing products. Decreasing costs and intensifying competition are creating new profit pressures for AI leaders such as Anthropic and OpenAI. Affected by this, technology stocks led the market lower on Tuesday, with the Nasdaq Composite Index falling nearly 1% and the S&P 500 Index dropping 0.4%.