更便宜的 AI token 反而推高需求，这正是黄仁勋最想看到的局面
Cheaper AI tokens are driving more demand, and that's Jensen Huang's best-case scenario
Ornn、Silicon Data 与 Bloomberg 截至 2026 年 8 月的数据显示，AI token 价格持续下跌，但 H100 GPU 租赁价格保持稳定甚至上涨，a16z 称这是 AI 市场的教科书级杰文斯悖论。
Oct 11, 2026
Jevons' paradox is Jensen's best friend. Data from Ornn, Silicon Data, and Bloomberg (as of August 2026) shows what a16z calls a textbook Jevons paradox in the AI market. Token prices keep dropping, but H100 GPU rental prices hold steady or climb. Cheaper tokens unlock AI agents, automation, and new applications, so volume grows faster than per-unit costs fall. How much demand comes from humans versus the systems themselves isn't clear, since agentic AI burns through tokens at a staggering rate. Compute demand could be artificially inflated, and even modest human usage growth could trigger outsized hardware needs.
The whole system rests on one assumption: AI usage has to grow fast enough to offset falling token prices. As long as it does, hardware stays scarce and expensive. If demand flattens, the chain from chip makers and memory suppliers to energy providers and cloud companies takes a hit. Markets could spiral from there, and how sensitive they already are became clear when US stocks dropped on reports that OpenAI's annualized revenue might be lower than previously reported.
AI News Without the Hype – Curated by Humans
Subscribe to THE DECODER for ad-free reading, a weekly AI newsletter, our exclusive "AI Radar" frontier report six times a year, full archive access, and access to our comment section.
来源：The Decoder · the-decoder.com