Software is 10x more valuable than inference tokens because tokens do nothing for the user, just like a database request by itself does nothing.

Software is what makes inference valuable because it builds a workflow that transforms tokens and data into practical benefits.

Look at the payment plans for Lovable, Figma Make, Claude Code. None of them charge by token. They charge by obfuscated 'credits'. We don't know the current credit economics, but it is certain that the credit markup will increase and probably eventually reach 10x of the token cost. Users will gladly pay for it because again, tokens do nothing for them. It is the Claude Code, Figma Make products that make them productive.