Galaxy Securities research says tokens are the minimal processing unit for large
AI models and can precisely meter compute, VRAM and power consumption. As the
value carrier of the AI compute economy, tokens are likened to the ‘water,
electricity and coal’ of the AI era and a core production input, enabling data
centers to become smart factories for large‑scale token production. Token
generation speed is highly correlated with hardware performance, making hardware
the primary growth driver of the token economy. The AI-driven shift will
accelerate comprehensive upgrades of core components, including PCBs and passive
components.
