The market is observing a "race to the bottom" in AI token pricing, highlighted by DeepSeek cutting prices by 75% and Xiaomi’s MiMo by nearly 99%. While open-source models like Qwen (8B version) show increasing local capability, Chinese onshore datacenter and AI infrastructure names have seen their stock prices diverge and decline following these releases. Investors are weighing whether rapid cost compression will lead to a lag in revenue as cheaper tokens cannibalize higher-cost inference through Q2 and Q3.