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Benedict Evans analyzes the current instability in AI token pricing, noting a supply crunch and uncertain future as infrastructure investment surges and use cases like software development drive demand. He argues that foundation models may become low-margin commodity providers.
Micron's stock surged over 236% as AI-driven demand for memory chips like HBM created a supply crunch. Wall Street sees Micron as potentially the next Nvidia, with revenue quadrupling and long-term agreements securing its position.