Intel / post

Satya Nadella recently cited Morgan Stanley’s ROIC report as demonstrating the r

Source: SemiAnalysis_
Author: SemiAnalysis_
Date: Published Aug 5, 2026

Terms in this piece · Glossary

token — The chunk of text a model reads and writes in — roughly three-quarters of a word — and the unit AI usage is billed in.

Why it matters

The 31% and 46% ROIC figures now being quoted at the top of the industry rest on a capex-per-watt assumption this thread argues is well off. Those unit economics are what decide whether current prices hold.

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