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2026-10-12 14:51:47 There is rapid growth in demand for AI models, CLSA said in a research report, citing OpenRouter data. As of end-September, weekly token consumption crossed 146 trillion, while aggregate ARR of models surpassed USD1.5 billion. In September, Chinese models accounted for about 65% of token usage and 30% of spending, on the back of an approximately 80% price discount versus US peers; lower pricing drove usage-led revenue growth, in line with the Jevons Paradox. OpenAI charted the largest increment in spending share, while among Chinese providers, Z.AI (02513.HK) led the market, followed by DeepSeek and Moonshot AI. Z.AI's progress on AWS Bedrock could become a key indicator for the monetization potential of open-weight models. In September, leading models under US and Chinese LLM providers accounted for 31% and 65% of token consumption respectively, a stark contrast to 65% and 22% in January, the broker noted. In terms of USD spending, US and Chinese providers accounted for 70% and 30% respectively in September, vs 94% and 6% in January. The broker estimated that OpenAI posted the sharpest increase in OpenRouter spending share, with weekly spending share rising by a cumulative 20 ppts YTD to 27%, narrowing the gap with Anthropic's 28%. Among Chinese providers, for the week ended September 27, Z.AI, DeepSeek and Moonshot AI led spending share at 10.5%, 7.1% and 3.9% respectively, while TENCENT (00700.HK) also recorded 3.9% driven by the Hy4 preview version. ~ AASTOCKS Financial News Website: www.aastocks.com | |