Tokenomics: when the unit of AI becomes a market variable

Why the economics of tokens now matter for market returns, capital intensity and portfolio allocation

Artificial intelligence is no longer just a software story. As models move from answering questions to executing tasks, the token has become the basic unit linking usage, revenues, margins, infrastructure demand and capital allocation. For investors, tokenomics is becoming one of the clearest lenses through which to understand where value is being created — and where it may be competed away.

For much of the AI cycle, the market has focused on a simple question: which company has the best model? That remains important, but it is no longer sufficient. The more relevant investment question is becoming: who controls the scarce units that turn AI usage into revenue, margins and return on capital?

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