Companies will spend more on tokens than they do salaries very soon. Application layer companies have no defensibility, the model is the product. Hiring researchers will cost you tens of millions of dollars today. Everything you think you know about defensibility, token spend, labour displacement, will be changed following this discussion. I condensed the core ideas which changed my thinking from my conversation with @BrendanFoody at @mercor_ai below. 1. Why Frontier AI Labs Could Become…