Epoch AI estimates that the AI chips bought each quarter since 2023 delivered about 49% more performance per dollar each year, in constant 2025 dollars. Spending on each chip determines its contribution to the average, so the measure tracks what buyers purchased rather than the best chip available. Source.
That weighting explains why gains came in spurts: the figure was nearly flat until mid-2024, then roughly doubled as Blackwell-generation chips took most new spending. It uses spec-sheet peak performance and card prices, not servers, so real workloads can differ substantially.
