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The mainstream read Kimi K3 precisely the wrong way. They thought: China built a frontier model on the cheap. And it's far more efficient than our frontier models! Wow, I guess all that spending on compute was wasted. We won't need so much compute after all. Sell the chips. But look at what has happened: in 48 hours, K3 was so popular they had to stop new signups. Because they ran out of compute to serve the model. It's a textbook example of Jevons Paradox Cheap, brilliant, open intelligence doesn't reduce the demand for compute. It causes demand to explode. That's because cheap intelligence gets embedded in everything. People use it to do a billion and one things. The cheaper it gets, the more people want of it. All that intelligence needs compute. We're nowhere near the top of this story. Not even close. It's just that it's hard to imagine a world in which intelligence is truly abundant. But that world is coming. And the compute it will need is monumental.