软件、AI 智能体与支出曲线：令牌流通速度支撑行业周期-Software Industry_ Software, AI Agents, and Spending Curve_ Why Token Velocity Supports the Cycle

Accessible version The shift that rewrites the economics of AI A central risk in our Buy ratings on Microsoft, Oracle, CoreWeave, and Nebius is whether the steep revenue ramp underpinning their surge in infrastructure spending will fully materialize. This note examines how agentic AI and the rapid expansion of token consumption shapes value creation, traffic, and revenue growth. We outline the core demand drivers, assess the sensitivity of our model to assumptions around agentic-AI usage, and consider how t ...