One signal

Vinod Khosla says the better test of the AI boom is whether people are using it, not whether AI-linked shares are climbing. He measures that use in tokens, the chunks of text AI models process.

In a Yahoo Finance interview, Khosla argued that usage is growing even as investors fret about the cost of building data centres. The distinction is useful: real demand can rise while some companies still spend too much, or build too much capacity. Share prices make a noisy scoreboard. Tokens are closer to the activity the industry is betting on, though they do not tell us who will turn that activity into lasting profits.

Discuss: If AI usage keeps rising, is that enough to justify today’s infrastructure spending, or does the investment case still depend on who can make it pay?

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