Tomasz Tunguz · 7 September 2026 · Industry Analysis

The Three Waves of AI Consumption

Tomasz Tunguz, MD @ Theory

AI consumption arrives in three stacked waves—chat, single agents, and meta-harnesses orchestrating many agents in parallel—each orders of magnitude more token-intensive than the last. Agent token consumption already dwarfs human usage and is accelerating toward billions of tokens daily.

Read the full post on Tomasz Tunguz ↗

Topics: AI (Horizontal) · AI Infrastructure

Published by Tomasz Tunguz · their site ↗

More from Tomasz Tunguz

SandHill indexes 800+ venture capital blogs and newsletters and sends the best of them every Sunday. Browse the sources · browse by topic · read the blog.