> If AI tokens were so magical in creating new value in developing software applications generally, they wouldn't be selling tokens directly.

If hardware were so magical in creating new value generally, TSMC would be designing the chips instead of selling fabrication as a service.

That is what US chip companies used to do, by the way (back when there was silicon in Silicon Valley, before they got their lunch eaten by Taiwan). If TSMC had to design all of the chips they fabricate now, they would be doing a lot less business. Conversely, if any other company that wanted to design a chip had to build their own cutting-edge fab first, NVIDIA would not exist.