I was hoping you were able to make the numbers work.
I have just not read or listened to much of anything that the numbers work besides some science fiction fantasy on Dwarkesh podcast.
The gpu theta + the frontier model theta + token deflation creates this rolling window that I just don't see how it works given even the most bullish assumptions.
Maybe if the rolling window was expanding a rational argument could be made for the valuation. No one can say with a straight face the rolling window is expanding.
It is like competing biotech firms without patents working on the same drug but with these time decay parameters too.
I have just not read or listened to much of anything that the numbers work besides some science fiction fantasy on Dwarkesh podcast.
The gpu theta + the frontier model theta + token deflation creates this rolling window that I just don't see how it works given even the most bullish assumptions.
Maybe if the rolling window was expanding a rational argument could be made for the valuation. No one can say with a straight face the rolling window is expanding.
It is like competing biotech firms without patents working on the same drug but with these time decay parameters too.