Perspectives

The technology can drive — that part is settled. The open question is whether each place will let it operate, price its risk, and climb in. Autonomous driving is not one arrival but many, and the order they come in is set by regulation, liability, and trust long before the economics.

When the price of intelligence collapses, the value doesn't disappear — it migrates. Map the token supply chain and you can see where it is accruing, and where it is leaving. It is mostly not where the model-race headlines are looking.

The price of a token has fallen roughly a thousandfold since 2023, yet the tokens consumed are growing even faster — Google alone now processes 3.2 quadrillion a month, up sevenfold in a year. The two don't cancel. Model both, and a clear map of where the money pools — and where a co-investor should stand — falls out.