I wish this was higher up. I have been tracking the same since Thanksgiving ‘25 and the growth is unreal. Again I don’t know where the cards fall maybe the industry overspent on capex but it’s at least easier to see why they are spending based on demand. The risk of being left out is greater than overbuilding.

I do wonder how much of the apparent demand is driven by companies automatically running these things when users didn't actually ask for it. For example every web search I make now has an AI response that I scroll right past. I'm sure that counts for someone's token usage data, but I got zero value from it. This is happening in almost every software product now.

Tokens as a metric is the analogue of users as a metric.

In the end value per user is what matters in relation to being a healthy going concern and valuation in relation to Meta for example. Value per token is what should matter too - after all that’s what people are paying for.