Dylan Patel

It's got to be in the title now, right?

You've got some powerful SEO.

We kill the crypto bros for this.

But tokenomics, economics of the tokens, right?

How much compute is being spent?

How much is the gross profit?

What's the value being created by these tokens?

That's the end of the day what's relevant here, right?

NVIDIA keeps saying AI factory, which produces intelligence.

That intelligence has value.

Let's say you have a gigawatt of capacity.

What can I serve?

Well, I could serve...

a thousand times of a model that's really shitty.

I could serve one times of a model that's good, and I could serve like 0.1 times of a model that's amazing.

Now, multiply that by whatever factor, how many users, what's the number of tokens outputted.

I could do X number of tokens, X times 100, X times a million tokens, right, depending on the model quality.

This is sort of where the whole GPT-5 thing comes around.

OpenAI had a challenging thing, right?

They're like, hey, we have a couple gigawatts of capacity, effectively.