Economics of AI · The Capex Ledger

The Falling Price of Intelligence

Every model is a point: how smart (Arena Elo, vertical) against how cheap (blended $/million tokens, horizontal — cheaper to the right). The Pareto frontier is the best capability money can buy at each price. Press play and watch it march down-and-right, snapshot by snapshot. The latest scene is an August 1, 2026 refresh.

State of the world June 2024
Past models
“Smart” bar