AI Ecosystem Dashboard
Price, volume and capacity across the markets behind AI, from software usage to electricity and capital.
Expanding
11 of 13 indicators expanding or accelerating, 2 rebalancing
Software usage, cloud demand and physical infrastructure are still expanding. Unit AI prices are falling while hardware and power capacity remain tighter.
Reviewed . Newest reading .
The AI supply chain
Demand flows left to right: software usage becomes compute, then chips, data centres, power and capital.
Volume:RisingFlat or mixedFalling
Price:Rising or firmFlat or mixedFalling
Capacity:ExpandingFlat or mixedTight or committed
Software & usage
2 accelerating, 1 expanding
Cloud & compute
2 accelerating
Chips & components
2 expanding, 1 rebalancing
Data centres & power
2 expanding, 1 accelerating
Capital & financing
1 expanding, 1 rebalancing
P, V and C show the price, volume and capacity direction of each indicator. Select a tile for its sources, method and recent values. Arrows describe movement; they are not investment ratings.
Latest readings
How to read it
Every indicator is split into price, volume and capacity. A falling price can widen adoption; a rising price can mean strong demand or tight supply. Switch the colours to see which one is moving where.
- ↑ Accelerating
- Growth rate increasing
- ↗ Expanding
- Activity still growing
- → Stable
- Broadly unchanged
- ↕ Rebalancing
- Price, supply or funding adjusting
- ↘ Normalizing
- Still active, slower growth
- ↓ Contracting
- Measured activity declining
Signal matrix
All 13 indicators side by side. Readings more than 90 days old on the review date are marked older.
| Indicator | Latest | Price | Volume | Capacity | Evidence | Data as of |
|---|---|---|---|---|---|---|
| Software & usage | ||||||
| Google model API token volume | 32B/min | Falling | Accelerating | Expanding | Company-reported | Oct 28, 2026 |
| AI inference affordability | −80% | Falling | Expanding | Expanding | Observed | Jul 30, 2026Older |
| AI workloads in production | 13× YoY | Stable | Accelerating | Expanding | Company-reported | Oct 28, 2026 |
| Cloud & compute | ||||||
| Oracle cloud infrastructure | +121% YoY | Mixed | Accelerating | Expanding | Company-reported | Sep 10, 2026 |
| Nvidia data-centre revenue | $89B | Firm | Accelerating | Tight | Company-reported | Aug 26, 2026 |
| Chips & components | ||||||
| TSMC capital budget | $60–64B | Tool costs rising | Expanding | Expanding | Company-reported | Oct 15, 2026 |
| SK hynix contracted capacity | >50% | Firm | Expanding | Committed | Company-reported | Oct 29, 2026 |
| US storage producer prices | +92.2% | Higher | Not measured | Tight | NodeZero calculation | Sep 30, 2026 |
| Data centres & power | ||||||
| Signed leasing backlog | $2.5B | Renewals higher | Record bookings | Delivery lag | Company-reported | Oct 29, 2026 |
| Vertiv organic orders | >100% YoY | Firm | Accelerating | Expanding | Company-reported | Oct 28, 2026 |
| US commercial power demand | +2.8% | Regional | Expanding | Expanding slowly | Forecast | Oct 6, 2026 |
| Capital & financing | ||||||
| Four-hyperscaler 2026 capex | $720–740B | Input costs rising | Expanding | Expanding | NodeZero calculation | Oct 31, 2026 |
| AI infrastructure funding mix | More debt | Funding cost firmer | Issuance expanding | More selective | Reported | Oct 27, 2026 |
Indicator notes and sources
Google model API token volume32B/min
↑ Accelerating 32B/min, +40% quarter over quarter
Google says its first-party model APIs are processing nearly 32 billion tokens per minute: 40% more than last quarter and more than four times the volume a year earlier.
- Price
- ↓ Falling
- Volume
- ↑ Accelerating
- Capacity
- ↑ Expanding
Sources: Alphabet Q3 2025 earnings remarks; Q4 2025; Q1 2026; Q2 2026; Q3 2026. Values as stated: 7, over 10, more than 16, approximately 22 and nearly 32 billion. Q3 2025 is the first quarter Google reported this measure.
Source
AI inference affordability−80%
↗ Affordability expanding −80%, GPT-5.6 Luna price cut
OpenAI reduced Luna input and output token prices by 80%. Lower unit prices can widen adoption even while total AI spending grows.
- Price
- ↓ Falling
- Volume
- ↑ Expanding
- Capacity
- ↑ Expanding
Source
AI workloads in production13× YoY
↑ Accelerating 13× YoY, $1.7B AI ACV target
ServiceNow says year-to-date production consumption of agentic AI is more than thirteen times the prior-year level and raised its 2026 AI contract-value target.
- Price
- → Stable
- Volume
- ↑ Accelerating
- Capacity
- ↑ Expanding
Source
Oracle cloud infrastructure+121% YoY
↑ Accelerating +121% YoY, $664B remaining obligations
Oracle reported triple-digit infrastructure growth and a large contracted backlog. Revenue conversion still depends on delivering data-centre capacity.
- Price
- ↕ Mixed
- Volume
- ↑ Accelerating
- Capacity
- ↑ Expanding
Source: Oracle Q1 FY2027 results (SEC filing). Fiscal quarters end in August, November, February and May.
Source
Four-hyperscaler 2026 capex$720–740B
↗ Expanding $720–740B, Combined company guidance
NodeZero sum of 2026 company outlooks: Amazon about $220B, Alphabet $195–205B, Microsoft about $170B (calendar year) and Meta $135–145B. Microsoft and Meta include finance leases; not every dollar is AI-specific.
- Price
- ↑ Input costs rising
- Volume
- ↑ Expanding
- Capacity
- ↑ Expanding
Sources: Microsoft Q1 FY2027 earnings call; Amazon Q3 2026 release (SEC filing); Alphabet Q3 2026 release (SEC filing); Meta Q3 2026 release (SEC filing). NodeZero sum of each company’s own measure: Microsoft and Meta include finance leases; Amazon and Alphabet are purchases of property and equipment (Amazon gross of sale proceeds). Microsoft quarters are mapped from its July–June fiscal year. Earlier quarters are in each company’s earlier releases.
Sources
Nvidia data-centre revenue$89B
↑ Accelerating $89B, +117% year over year
Current revenue still shows strong accelerator demand. Inventory, delivery schedules and rental prices will show whether orders continue converting into use.
- Price
- ↑ Firm
- Volume
- ↑ Accelerating
- Capacity
- ◆ Tight
Sources: Nvidia Q1 FY2026 results (SEC filing); Q2 FY2026; Q3 FY2026; Q4 FY2026; Q1 FY2027; Q2 FY2027. Fiscal quarters end in late April, July, October and January.
Source
TSMC capital budget$60–64B
↗ Expanding $60–64B, 2026 budget maintained
TSMC maintained its 2026 capital budget and expects 2026–2028 investment to be materially higher than in the previous three years.
- Price
- ↑ Tool costs rising
- Volume
- ↑ Expanding
- Capacity
- ↑ Expanding
Source
SK hynix contracted capacity>50%
↗ Demand visibility expanding >50%, 2027–2028 capacity under LTAs
Long-term agreements with 14 major customers cover more than half of combined 2027–2028 production capacity, providing near-term demand visibility.
- Price
- ↑ Firm
- Volume
- ↑ Expanding
- Capacity
- ◆ Committed
Source
US storage producer prices+92.2%
↕ Rebalancing at a higher level +92.2%, Since January 2025
Prices received by US computer-storage manufacturers are almost twice their January 2025 level. This is a price index, not a unit-shipment measure.
- Price
- ↑ Higher
- Volume
- ↕ Not measured
- Capacity
- ◆ Tight
Source: BLS series PCU334112334112. Recent months are preliminary and can be revised.
Sources
Signed leasing backlog$2.5B
↗ Expanding $2.5B, Annualized rent; 17-month weighted-average start lag
Digital Realty reported record bookings and a record $2.5 billion backlog of signed-but-not-commenced leases (annualized base rent, 100% share). New leases start 17 months after signing on a weighted average, so demand can stay strong while delivery takes time.
- Price
- ↑ Renewals higher
- Volume
- ↑ Record bookings
- Capacity
- ◆ Delivery lag
Sources: Q4 2025 presentation (SEC filing); Q1 2026; Q2 2026; Q3 2026. Digital Realty first reported backlog at 100% share for Q4 2025.
Source
Vertiv organic orders>100% YoY
↑ Accelerating >100% YoY, Net sales +61% YoY
Orders for critical digital infrastructure more than doubled year over year, indicating continued demand for power and cooling equipment.
- Price
- ↑ Firm
- Volume
- ↑ Accelerating
- Capacity
- ↑ Expanding
Source
US commercial power demand+2.8%
↗ Expanding +2.8%, EIA 2027 forecast
The commercial sector, which includes data centres, is expected to continue increasing electricity consumption through 2027.
- Price
- ↕ Regional
- Volume
- ↑ Expanding
- Capacity
- ↑ Expanding slowly
Source
AI infrastructure funding mixMore debt
↕ Rebalancing More debt, Long-term and off-balance-sheet
The BIS finds that a growing share of AI infrastructure is financed through long-term debt and off-balance-sheet structures. Capital remains available, but its terms matter more.
- Price
- ↑ Funding cost firmer
- Volume
- ↑ Issuance expanding
- Capacity
- ↕ More selective
Source
Sources, limits and corrections
Methodology v1.0. Figures are as reported on the dates shown and may be revised. Company figures are labelled as reported and may not be independently audited as standalone AI metrics. Company outlooks and forecasts are forward-looking and can change. Calculations link every underlying source.
NodeZero is not affiliated with or endorsed by any company named on this page. Company names are used only to identify the source of each figure.
US price index data come from the Bureau of Labor Statistics. BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.
This dashboard is general information, not investment advice. Spot an error? Email [email protected] and we will correct it.