SAN JOSE, California, July 2 -- Splunk, a Cisco company, issued the following commentary on July 1, 2026, by artificial intelligence engineer Pratik Bhavsar:

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What is Agent Tokenomics?

Key takeaways

1. The agent bill compounds on every step. Each step re-sends the same instructions, schemas, and history through a stateless API, so a fifteen-word request can balloon into tens of thousands of billed tokens before the task finishes.

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