Tokens are not the true unit of AI inference, because better models yield more problem-solving per token.

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• Inference was never going to be the easy, cheap half of AI, because inference is thinking, and thinking is far harder than reading. JHJensen Huang23 Mar 2026similar wording
• Token prices have stayed flat because labs deliberately kept models smaller than expected in order to get more experimental cycles. RGRyan Greenblatt11 Aug 2026similar wording
• An AI as good as a top researcher will not be priced like one, because it competes against the other labs rather than against humans. CHCasey Handmer15 Aug 2025similar wording
• A unit of AI inference needs to be defined, for example via a chain of increasingly hard problems where each consecutive pair is solvable by one model. PGPaul Graham15 Sept 2026similar wording
• Inference is a high-margin business even for a middleman: renting GPUs at scale, some models carry an eighty per cent margin over their sticker price. DRDax Raad27 May 2026similar wording

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