No AI bubble yet: revenue per GPU minus rental is the real equation
PTrubey · x · 2026-10-25
In a thread pushing back on AI-bubble fears, the author argues the common math misses a term: the crunch spread isn't token price minus GPU rental price, but (token price × token volume) minus GPU rental price — i.e., revenue per GPU minus rental cost.
The key insight: even as token prices fall for the same model, continuous throughput improvements let volume growth more than offset the decline, citing Kimi K3 token pricing as an example. He adds that AI adoption across the economy is just beginning, so a bubble burst is likely years away.
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