If we look at the demand side: 1. Conversational AI - this is ubiquitous now, but not sure it's increasing at any significant rate. At least my personal usage

If we look at the demand side: 1. Conversational AI - this is ubiquitous now, but not sure it's increasing at any significant rate. At least my personal usage has leveled off. Also probably not a significant driver of per token demand relative to code gen. More a driver of subscription revenue. 2. Code Generation - this is the big killer app, which I suspect has driven most if not all of the last year's revenue growth for Anthropic and to a lesser extent OpenAI. Now, I doubt we can extrapolate that growth given 1) how quickly and completely CC has been adopted by the industry and developers and 2) how corps are reigning in spend 3. Image and Video Generation - this honestly strikes me as more of a trifle/novelty than anything else. Granted I'm not a visual artist but I don't see it being a killer app anywhere to the extent of code generation. 4. Physical AI - this is the wildcard for me, but also beyond my ability to conceptualize its effects on demand. I suspect a proliferation of self driving and autonomous robotics would be a huge driver of compute demand but who knows how close we are to proliferation?