Epoch AI tracks how much AI compute a dollar buys, measured in constant 2025 dollars across the chips companies actually purchased each quarter. Since 2023, AI chip price-performance has grown 49% a year, doubling every 1.7 years
Epoch AI tracks the performance per dollar of AI chips purchased each quarter, using constant 2025 dollars. This metric is calculated by dividing the combined computing performance of chips sold by the total dollars spent on them. Since 2023, this price-performance has grown by an average of 49% per year, meaning the performance a dollar buys doubles every 1.7 years.
Verified 2026-09-20
Track with InsiderWhy it matters
Each dollar spent on chips buys more AI computing over time, which helps explain why spending keeps rising rather than levelling off.
More on Compute
- Amazon Web Services, the cloud unit that rents out computing power for AI, grew segment sales 39% year-over-year to $46.0 billion in the third quarter of 2026
- Applied Digital had signed long-term hyperscaler leases for 1,410 megawatts of AI data-centre capacity across five campuses as of May 31, 2026, worth approximately $36 billion in contracted revenue over the initial 15-year lease terms 1.41 gigawatts of AI data-centre capacity leased for $36 billion
- Cerebras Systems, the wafer-scale AI chip maker whose cloud inference revenue nearly quadrupled year-over-year, disclosed in its second-quarter 2026 earnings release that it now has 600 MW of data center capacity under contract
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