Countering the AI Demand Bubble Myth: AI Software Firms are Token Wholesalers
PaulYacoubian · x · 2026-08-12
Countering the recent narrative about an "AI demand bubble," Paul Yacoubian pointed out that AI software companies are literally buying tokens from Anthropic and OpenAI to operate.
The earlier quoted critique claimed that over 70% of hyperscaler AI revenues come from OpenAI and Anthropic, noting that in FY26, $24.1 billion of Microsoft's $34.33 billion in AI revenue came from OpenAI, implying GPU rentals and AI software are merely single-digit billion-dollar businesses.
Related event: Multiple Voices Refute AI Bubble Theory with Strong Revenue Data(3 posts)→
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