Jevons paradox: cheaper tokens → more usage → more expensive hardware. Cut the price per token, usage grows faster than efficiency, and total demand for the hardware rises. Output gets cheaper while the input gets dearer. AKA a margin squeeze. Anthropic just disclosed $265.6B in fixed or minimum compute commitments while cutting the price of what it sells. Labs are effectively short hardware. Memory is where it's showing first: DRAM contract prices rose 13–18% in Q3, with another 10–15% forecast for Q4. Any business with a fixed output price and a floating input cost hedges the input. Compute is the exception, because there's no real market to hedge it in. That's what we're building, starting with DRAM & NAND.