Revenue per GPU can rise as token prices fall, argues Gavin Baker
GavinSBaker · x · 2026-10-27
Investor Gavin Baker pushes back on the popular claim that falling token prices must crush Anthropic's margins with simple arithmetic: revenue per GPU can increase as token prices decline if per-GPU token throughput rises enough. As long as GPU prices go up less than the product of token price decline and per-GPU throughput gains, both Anthropic's revenue and margins can grow while prices fall. He sarcastically thanks the commenters arguing otherwise.
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