Benedict Evans Essays · Jul 9, 02:15 PM UTC
Ways to think about token pricing
Historical operation · Retained
“In theory, you can model this bottom-up. You can make some assumptions around each of the variables I suggested above, and then try to model out how many chips there are now, how many chips with what performance TSMC and the rest of the sem”
Quoted source · Benedict Evans · 2 source segments
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Model assessment
The transcript provides a market-framework analysis of AI token pricing and value capture. While TSMC is discussed as a key example of a company with a de facto monopoly and good margins, the author explicitly notes it does not capture a large share of value and that analogies do not have predictive value. The discussion is non-directional and does not provide any material positive or negative catalyst or change in expected fundamentals for TSMC. It is a general industry observation, not an actionable signal.
2 exact transcript citations