I want to like the “AI is deflationary” story. It’s clean, it’s optimistic, and every model launch this year has come with a chart showing cost per token falling off a cliff. I’ve written versions of that chart myself. The chart is real. It’s just not the whole curve. Qualcomm telling customers it’s raising prices by double digits, after exhausting its ability to absorb supplier costs, landed in the same news cycle as Anthropic pricing Opus 5 at roughly half of what Fable 5 costs for comparable capability.