The Cache-Pricing Illusion
Anthropic's headline number is a 75 percent cut to cache-read pricing, from $1.00 to $0.25 per million tokens, which the company says lowers Fable 5.1's effective cost by roughly 25 percent for typical workloads and as much as 45 percent for highly agentic ones [1]. Standard input and output pricing did not move ($10/$50 per million tokens), so the savings story lives entirely in the caching mechanic that agentic coding workloads lean on heavily. Independent benchmarking firm Artificial Analysis complicates that pitch: at maximum reasoning effort, it measured Fable 5.1 using roughly 1.7 times more output tokens than Fable 5, pushing the cost per task on its Intelligence Index to $3.76 versus $2.34 for Opus 5, a model Fable 5.1 beats by only three points on that index [2]. In other words, the discount is real for cached, repetitive context, but a verbose reasoning style can erase it entirely once a task calls for maximum effort, meaning the true cost of Fable 5.1 depends heavily on how it is configured rather than on the sticker price Anthropic advertises.


