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Their wordsas AI models become smarter, they'll better monetize the same amount of compute.
Their wordsBut if we believe what standard economics says about labor, then the marginal value of labor (and thus the marginal price of compute) should stay astonishingly high.
Their wordsI'm guessing the Simon-Ehrlich basket of commodities is not the correct reference class for compute, because compute supply is much less elastic, and much less capable of absorbing large demand shocks or being accommodated by different substitutes, than the extraction of different metals is.
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