What drives cost and latency?
Two numbers matter. Time to first token is dominated by how much input the model has to read, which is why long prompts feel slow before they are expensive. Tokens per second then governs how quickly the answer appears, which is why streaming output matters so much to how fast a product feels even when total time is unchanged.
Cost tracks tokens in both directions, with output typically priced several times higher than input. A prompt that is re-sent on every turn of a long conversation is paid for on every turn.
