Perspectives

When the price of intelligence collapses, the value doesn't disappear — it migrates. Map the token supply chain and you can see where it is accruing, and where it is leaving. It is mostly not where the model-race headlines are looking.

The price of a token has fallen roughly a thousandfold since 2023, yet the tokens consumed are growing even faster — Google alone now processes 3.2 quadrillion a month, up sevenfold in a year. The two don't cancel. Model both, and a clear map of where the money pools — and where a co-investor should stand — falls out.