> that money doesn’t migrate to the AI lab. It evaporates.
No, someone still has to pay the subscription. AI Labs don't care who uses the tokens and how. If Adobe goes under someone else is going to take their place. Suprise, surprise: they will also use tokens.
> It’s a very expensive way of shooting yourself in the foot and sending the bill to your investors. <CoreWeave bonds chart>
I'm not sure how CoreWeave bond chart is even remotely relevant here. They are not even an investor.
> They are just mining the asteroid, dumping the silver onto the market for $20, and watching the price of their own product plummet to zero.
The lab's own product is the model. How is someone building a weekend project going to plummet the value of their model? It's the opposite!
No, someone still has to pay the subscription. AI Labs don't care who uses the tokens and how. If Adobe goes under someone else is going to take their place. Suprise, surprise: they will also use tokens.
> It’s a very expensive way of shooting yourself in the foot and sending the bill to your investors. <CoreWeave bonds chart>
I'm not sure how CoreWeave bond chart is even remotely relevant here. They are not even an investor.
> They are just mining the asteroid, dumping the silver onto the market for $20, and watching the price of their own product plummet to zero.
The lab's own product is the model. How is someone building a weekend project going to plummet the value of their model? It's the opposite!