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

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.