AI is Jevons paradox territory.
After GPT-5.6 Luna's token price fell by 10x, token consumption jumped by more than 10x.
The real AI demand shock has barely started. Only 17.8% of the world's working-age population was using generative AI in Q1 2026. (For Microsoft Research Report)
Jevons will get much more interesting when the other 82% shows up.