
In scope: token pricing trends, inference gross margins, the AI-lab P&L question, and how memory, optics and foundry cost structure feed through to the price of a token.
01The Cost-Measurement Problemactive02Cost Per Task (Cost-of-Pass)active03The Energy Cost of Tokens (Photons = Tokens)early stage04Inference Cost as a Macro Input (the Inference-Cost Phillips Curve)early stage05Inference & Token Economicsactive06The Price-Decline Distributionactive07Price-Rung Persistencepartly-falsified08Token Pricing & the Inference-Margin Questionactive