Matt Dratch(@DratchCap):Interesting to hear the 'token prices are falling!' hysteria from the macro community when most of it looks like a mix shift to cache reads. Cache read share went from basically 0 to 85% w/ explosion of multi-step agentic tasks. And ironically they are like 90% gross margin. As always, a little context helps (pun intended 😜)

Matt Dratch

@DratchCap

Macro Equity PM | Dartmouth Fball ’08 “Be bold, and mighty forces will come to your aid.” Views expressed are solely my own and not on behalf of my employer.

加入 December 2010

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Matt Dratch@DratchCap

2026.10.19 14:16

Interesting to hear the 'token prices are falling!' hysteria from the macro community when most of it looks like a mix shift to cache reads. Cache read share went from basically 0 to 85% w/ explosion of multi-step agentic tasks. And ironically they are like 90% gross margin. As always, a little context helps (pun intended 😜)

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