Token factory and data vendor revenue acceleration validates the 'token stream' investment thesis
Ronangmi · x · 2026-11-11
The author argues the AI 'bottleneck trade' is about being in the token stream. Vendors and infra sit upstream of model performance with weak bargaining power, but if enterprises demand greater efficiency, they are well positioned to build a new token stream with stronger leverage. Recent revenue acceleration at token factories and data vendors is cited as early evidence of this thesis playing out.
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