The Infinite Demand for Tokens, Claude Mythos, and Supply Constraints (Invest Like the Best)

SemiAnalysis, a semiconductor and AI-infrastructure research firm, describes AI spending becoming a substantial operating expense. Its founder says in this interview that usage of Anthropic's Claude Code had reached a $7 million annualized spending rate, compared with roughly $25 million in salary expense. The first figure extrapolates the pace of spending at the time of the conversation. He describes staff building analysis applications and argues that the expense helps the firm improve its products faster. This is a company's account of expanding usage and its rationale, without a measured financial return on that spending.

“If you don't use more tokens, you'll never escape the permanent underclass.”

Dylan Patel

“Mythos is potentially the biggest step up in model capabilities in two years.”

Dylan Patel

“Now ideas are cheap and plentiful, but execution is very easy.”

Dylan Patel

“DRAM will double or triple from here still because that's how much capacity is required”

Dylan Patel

“People hate AI. AI is less popular than ICE, less popular than politicians.”

Dylan Patel