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As AI moves into production, trust hinges on observability: live, model-aware signals (p95 latency, tokens, drift, hallucination risk) tied to SLOs and cost. This article delivers a Linux-first, vendor-neutral recipe using Prometheus/Grafana, a Python exporter, dashboards, alerts, and privacy/cost guardrails, plus a look ahead to standards, request-level tracing, GPU/eBPF telemetry, and self-tuning SLOs.