The latest ‘crack in the thesis’ for the trillion

The latest ‘crack in the thesis’ for the trillion

Jensen Huang, CEO of Nvidia, calls that the “two exponentials” driving the price of AI compute; models are growing more complex, and more people and agents use them. Either way, the idea is that the labs capture that surplus and send it back through the ecosystem to cover their debts. There’s just one problem: as impressive as the new model releases are, they don’t seem to be causing sustained spikes in the price of AI compute—in fact, the AI token is getting cheaper, fast.