One of the more uncomfortable observations in our AI Value Capture piece is internal： our token spend at SemiAnalysis now runs at roughly 30% of employee compensation， with employees pulling just under 5 billion tokens per month on average， over 5x more than Meta， and our top contributors clearing 100 billion. We wrote about it openly because every research firm， hedge fund， and law firm we know is heading toward a similar number， just on a delay. （1/4）🧵