Sequoia's Sonya Huang: Cheaper AI Inference Simultaneously Boosts App Margins and Model Growth

annbordetsky · x · 2026-08-14

Sequoia Capital GP Sonya Huang observes the Jevons Paradox playing out across the AI industry.

She notes that as inference costs plummet, application companies are seeing their gross margins expand. Simultaneously, model and inference providers are experiencing beautiful cohort expansion. This dynamic—where intelligence becomes cheaper to meter—creates a win-win scenario that grows the pie for both infrastructure and application layers.

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