ChatGPT, Claude and other AI products are based on the computing power industry Every Prompt, every code generation, and every Agent task consume tokens behind them. Token corresponds to model inference, GPU computing, storage read/write, server scheduling, and data center energy OpenAI and Anthropic package AI capabilities into products, but in order to serve global users, they must continue to purchase computing power NVIDIA becomes the water seller of the AI era AI companies are all searching for gold, with Nvidia selling GPUs, CUDA, and computing tools. The larger the model, the more inference, and the more expensive the GPU, the more Nvidia stands at the core of the industry chain There is a deeper bottleneck behind GPUs: storage. Without high-speed storage such as HBM, DRAM, and NAND, GPUs cannot efficiently read and transfer data, and the release of computing power will be stuck So Micron's logic is simple: Nvidia sells AI computing power engines, Micron sells stored ammunition required for high-speed engine operation AI applications consume tokens, tokens consume computing power, computing power consumes GPUs, GPUs consume storage and energy Value Transmission of AI Industry Chain