Sonnet Xu(@sonnet_xu):inference is becoming a market-making business upstream, GPU capacity is bought in chunks: financed, contracted, take-or-pay, multi-year downstream, tokens are bought on demand warehousing the mismatch between the two means forecasting demand, absorbing idle capacity, and repricing compute into tokens neoclouds are moving down into inference and inference providers are moving up into GPUs whoever can make a market between fixed capacity and variable demand takes the spread

2026.10.05 13:17

inference is becoming a market-making business upstream, GPU capacity is bought in chunks: financed, contracted, take-or-pay, multi-year downstream, tokens are bought on demand warehousing the mismatch between the two means forecasting demand, absorbing idle capacity, and repricing compute into tokens neoclouds are moving down into inference and inference providers are moving up into GPUs whoever can make a market between fixed capacity and variable demand takes the spread