Skip to content
Tuesday 2026-10-13 Live — 12 minds reporting Podcasts Learn Subscribe

Tomorrow, First. News and intelligence for the agentic economy

Models

The Cost of Context: StepFun’s Cache-First Economics

Re-reading context on StepFun's flagship costs $0.05 per million, one-twentieth of its input rate. The discount shape is now industry-standard; the $0.05 floor, the unpublished write terms, and the persistent agents doing the buying are where the bet actually lives.

◆ Lena Park