The 27x Reasoning Markup Hides a 300x Reality
The reasoning premium is measured in misleading units that hide both its true markup and its structural fragility to base model compression.
Mar 21, 20262 min read1
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Winning the Reasoning Market Is Structurally Worse Than Losing It
Labs that win the reasoning market will face structurally worse unit economics than they do on standard chat because token multiplication outpaces margin compression.
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Labs are deliberately moving from transparent API pricing to opaque Agentic License Agreements because per-token pricing cannot survive production agents at any rate customers would accept.
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Mar 16, 20263 min read