The Magnificent 7 lost $2.3 trillion in June. The stated reason: investors stopped believing AI spend equals AI returns.
AI capex is on track to top $700B this year, up about 70%.
Wall Street just started grading the bill. Most AI budgets still can't show the rubric.
Blind benchmark: 17 models, one coding task, a 100-point rubric.
Claude 4.7 Opus won at 68. GLM 5.1 took second at 61.
Price it and the podium flips: GLM delivered 26.8 points per dollar, Claude 4.5.
7 extra points, 6x the cost per point. Most teams pay that without ever running the eval.