Weekly tokens on OpenRouter (how much people actually run AI models through 1 big marketplace), went up about 93x from the start of 2025 to last quarter.

Cloud spending went up about 3x over the same stretch.

Every Meta / Bloom Energy thread right now is people mad that the companies beat and got sold anyway, and the reason given is the same, they’re spending too much.

If usage is growing that much faster than the spend, will worry about usage slowing down before I’d worry about the spending, and nothing I’ve seen says usage is slowing.

OpenRouter is just 1 marketplace and it’s mostly developers, so it isn’t everyone, so pinch of salt here.