Chart of the month
That AI is not merely a fad that will quickly run out of steam is clearly shown by weekly AI token traffic (an AI token is the basic unit of text, code or data that an artificial intelligence model reads and generates), which has grown roughly twentyfold since the beginning of 2026, with the curve becoming steeper and steeper in recent months. This is not just the effect of the technology’s general adoption, i.e. that more and more people are using chatbots. Growth is increasingly driven by how we use AI. Reasoning models “reason” at length before answering, and this internal chain of thought consumes many times the previous token volume per task. Agentic workflows, meanwhile, trigger dozens or hundreds of model calls from a single user request as they plan, use tools and check their own work.
According to forecasts, we may still be at the early, growth stage of AI adoption. The investment implication is simple: if compute demand is growing exponentially, then the enormous data-center construction boom is not oversized speculation but may be serving a wave of demand that is only just beginning.
It may still be early days for the AI trend
Weekly token volume on OpenRouter, trillion (1012) tokens
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