Why AI giants like OpenAI and Anthropic are the least likely to profit from the AI boom
Reasoning models, the main current approach for improving LLM performance, work by generating enormous chains of computation before producing an answer. As performance improves, those chains consume exponentially more tokens. OpenAI reported, for example, that in 2025 their customers’ token consumption went up by 320 times. The same study found that rising demand for reasoning tokens swamps the cost savings. Each unit of intelligence gets cheaper—but overall, intelligence has never cost more.
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