AI query cost collapsed 280-fold in 18 months

The cost of querying an AI model at GPT-3.5-level performance on MMLU fell from $20 per million tokens in November 2022 to $0.07 per million tokens by October 2024, a reduction of more than 280 times. The $0.07 figure came from Gemini-1.5-Flash-8B. Stanford's 2025 AI Index Report, working with Epoch AI and Artificial Analysis, provided the data.