If an AI lab's revenue continues growing 10x year over year while its compute grows 3x, its margins must increase, compute prices must rise, the share of compute used for inference rather than training must increase, or some combination of these must occur.

“For a lab to keep 10x'ing revenue year over year while compute only 3x's,”

“one of the following three things needs to happen or some combination of the three needs to happen.”

“lab margins have to increase.”

“Two, the price of compute has to increase. Or three,”

“the percentage of compute that labs spend on inference rather than training has to increase.”