AI Trade Loses Key Signal as LLM Token Expenditure Index Rolls Over
- Yahoo Finance/Bloomberg report the closely watched Silicon Data LLM Token Expenditure Index — a proxy for AI capex intensity and pricing power — has declined in June 2026, breaking a long run-up and raising fresh questions about the durability of the AI infrastructure trade.
- Strategists cited, including Andreas Steno Larsen, warn sustained weakness in token pricing could mark an end to the current data-center and hardware cycle, even as underlying AI demand appears intact.
- The piece frames the shift as the market moving past the 'gold rush' phase and now demanding concrete ROI, margin, and capex-runway evidence from semiconductors and cloud-build names (https://finance.yahoo.com/technology/ai/articles/ai-trade-losing-one-key-061343277.html).