These are staggering AI token growth numbers in China, from the latest data: 1,400x in a little over two years. This is being driven by Seedance video generation, the OpenClaw frenzy in China, etc. Granted, still well below token usage at any US frontier model companies, but closing quickly.
Check the following graphic—and note the log scale.
This is having global consequences, not least of which is pressure, at the margin, in GPU and memory markets.
Source: TrendForce