> If AI tokens were so magical in creating new value in developing software applications generally, they wouldn't be selling tokens directly. They'd hoard the tokens are use them to dominate SaaS software in any industry they want.

This doesn't follow at all. Anthropic's revenue is growing 10x year over year selling tokens. Their tokens can be super magical, let them enter established industries and displace incumbents, and get 100% annual growth in those industries, and they would still be better off prioritizing selling tokens, because it's a great business.

What your argument shows is that there are limits. Their tokens are not quite powerful enough to make infinite money instantly in every area of software. Admittedly, that does seem true.