Tomasz Tunguz · 9 November 2026 · Investment Thesis

When Does the US Become a Net Importer of Tokens?

Tomasz Tunguz, MD @ Theory

US AI token production will lag demand by 2028–2030, forcing America to become a net importer of compute—reshaping startup infrastructure, capital deployment, and regulatory priorities as supply constraints push pricing and policy to the fore.

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Topics: AI Infrastructure · Energy & Climate

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