十万亿美元的 token 经济

核心内容

Alex Atallah 与 Anjney Midha 讨论 token 经济，围绕模型使用、算力与商业规模展开。标题中的经济规模属于节目讨论的估计议题。

介绍依据 · 发布标题 · 完整内容待核读

编辑导览，依据原始来源 ↗，整理于 2026-10-06。介绍只说明标题中的讨论议题，不据此判断讲者结论。

Token 正在成为互联网全新的价值流动载体，其规模将在数年内达到数万亿美元；与人类离散偶发的消费不同，智能体对推理的持续消耗要求平台具备发布订阅与自动路由能力，驱动模型聚合市场从简单代理演变为基础设施。

原话

2逐字核对过；核对了说话人和位置

And humans consume in a very like discreet ad hoc way. It's not very scalable. You know, all their attention is on the topic when they're buying the thing and their attention is nowhere else when that happens. um agents and and consumers of inference don't act like that. They're consuming continuously and they're changing the SKUs that they consume from all the time.

自动字幕 · 已核对Alex Atallah▶ 00:03:20

um where we are today is roughly there on tokens, but over the next even five years, we're expecting the token economy to get to like roughly $5 trillion. And over the next 10 years, I'd be shocked if we went to 10 trillion of token flow.

自动字幕 · 已核对Anjney Midha▶ 00:00:34