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How much does intelligence cost? How concentrated is the AI market and is it winner take all? When prices fall, how does demand change and is there a Jevons effect? These questions…

This paper documents three stylized facts about the demand for Large Language Models (LLMs) using data from OpenRouter, a prominent LLM marketplace. First, new models experience ra…

For a formalized and empirical version of this argument applied to the entirety of the US economy, check out the following article: The Allocation of Talent and U.S. Economic Growt…