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This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.
That is Evercore’s base case—more than 20× today’s consumption. Goldman Sachs projects a similar 24× increase. The biggest driver? Agentic AI. AI agents could become the largest source of token demand by 2030. They operate continuously—and a single agentic task can consume 10–100× more tokens than a chatbot response. But the forecast excludes one potentially enormous category: physical AI—robots, autonomous machines and intelligent industrial systems. Every token ultimately requires physical infrastructure: 🔹 GPUs 🔹 Memory 🔹 Networking 🔹 Electricity 🔹 Data centres That infrastructure largely does not exist yet. AI-related stocks will experience corrections. But forecasts for underlying demand continue to be revised higher—not lower. The AI infrastructure cycle may have much further to run than markets currently assume. Source: Kyle Reidhead | Milk Road
Since mid-2023, AI has generated roughly 1 million jobs in America—more than offsetting an estimated 200,000 AI-related losses, according to The Economist. Around 1% of US professional roles are now “AI jobs,” rising to 4–5% in computing and life sciences. But the biggest surprise may be outside software. AI infrastructure spending has increased by about $500 billion annually since 2022. Data-centre construction alone is running above $75 billion a year—creating demand for electricians, HVAC specialists, grid engineers and technicians. Meanwhile, supposedly vulnerable professions are still expanding: Paralegal employment: +11% Market-research analysts: +6% US employment overall: +2.5% The emerging picture is more nuanced than “AI destroys jobs.” For now, AI appears to be transforming work faster than it is eliminating it. Source: Bearly AI
Remember, this is inference token traffic. Every token lands in the KV cache which is a memory problem. Will supply be able to catch up? Source: Trade Whisperer
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