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Their money is not fungible with our money or the state's money. much of it is debt that can only be created because of the promise of a return. If you want to be more sophisticated you could say the labor being used to build these things was bid up and would otherwise be able to be allocated more cheaply to other projects but even then what you're arguing for is that trades people get paid less which seems kind of counter to the rest of your position. Trillions are spent on much less worthy consumption than building durable data infrastructure.
Yes, the question of whether the tokens get commoditized is a major factor on whether these investments will pay off for the labs. But why is that your problem? So in one potential future a bunch of investors who aren't you get soaked and you get to enjoy the fruits of incredibly discounted inference capex. This is a gift directly from frontier lab investors to you, you should cheer on their generosity.
Unless many breakthroughs happen this will not be the case any time soon. Batched queries are several orders of magnitude more efficient than single thread inference.
There's some difficulty of keeping multiple potential futures in your head at once. It goes something like:
Essentially across all of these worlds and acutely in some these data centers are pure upside epsilon the handful of upset caused by any construction project that should be easily sorted out locally.
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