A few months ago, executives at some technology companies treated heavy token use as a mark of a strong employee. The same companies are now cutting that use back, and the arithmetic explains why.
Jue Wang, a Bain consultant who advises large firms on their AI spending, told the Associated Press that their token costs have been "doubling, almost every other month." A company paying $200 of tokens a month for each of 20,000 developers, a scale she says her firm often deals with, has a monthly token bill of $4 million, and that is the figure doing the doubling.
Per-token prices keep falling, so the money is going somewhere else. Bain's analysts wrote that agents consume tokens on multistep reasoning and error correction, and that consumption is climbing faster than prices drop: teams point agents at more parts of the business, the tasks get harder, and most companies want the newest and most expensive models even where an older one would do. In some parts of a business, Bain found, the cost of running agents has passed what the same work costs when people offshore do it.
Vincent Gusdorf, head of AI analytics at Moody's Ratings and author of a new report urging more discipline, named the failure in one line: "It's very easy to create something you don't need with AI."
What the spending bought is thinly documented. In Bain's Automation and AI Pathfinder Survey 2026, with 951 respondents, 40% of the companies that tracked their AI spending recorded cost savings under 10%. Among the companies whose AI investments fell short, 90% plan to raise their AI budgets next year.