Oct 20, 2026 You would expect that when 375 models are each served by at least two providers, the market would have found some pricing equilibrium. It has not. The median input price spread across those 375 models is 0.0%—meaning that for the typical model, every provider charges exactly the same per-million-token rate. Nobody is undercutting anybody. In a market with 137 providers and 4,033 total models, that level of uniformity is not competition; it is coordination by default. But that...