AI is entering a volume economy: because token demand now has to outrun the price collapse underneath it. Per Goldman Sachs research, total token demand is accelerating (by 18x from December-2025 to Sept-2026 ), while frontier-model token demand is growing much more slowly, at
AI enters volume economy as token demand surges
Citing Goldman Sachs, the post argues AI is entering a volume economy: total token demand is projected to rise 18x from Dec. 2025 to Sept. 2026, while frontier-model demand grows more slowly.