Gavin Baker(@GavinSBaker):Revenue per GPU can increase as token prices decline if per GPU token throughput increases enough. So both Anthropic revenue *and* margins can go up as token prices go down *if* GPU prices go up less than the product of (token price decline * per GPU throughput increase). But I have super enjoyed all the commentary to the contrary!

Gavin Baker

@GavinSBaker

Managing Partner & CIO, @atreidesmgmt. Husband, @l3eckyy. No investment advice, views my own.

가입 July 2011

6.6K 팔로잉 중 365.8K 팬

Gavin Baker@GavinSBaker

2026.10.26 18:37

Revenue per GPU can increase as token prices decline if per GPU token throughput increases enough. So both Anthropic revenue *and* margins can go up as token prices go down *if* GPU prices go up less than the product of (token price decline * per GPU throughput increase). But I have super enjoyed all the commentary to the contrary!

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