What would happen if the buyers of computing power become intelligent agents?
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BlackRock's new AI paper is essentially about inference. It presents the following framework: 1. AI is machine-native intelligence. 2. Digital assets are machine-native currencies. 3. Agents are the link connecting the two. One signal it cites is Stripe’s recent agreement to acquire Openrouter. Openrouter acts as a gateway, connecting over 80 providers including NBIS with more than 400 models, routing based on cost and compatibility. Stripe handles the payments. Combining the two, it’s easy to imagine that purchasing tokens could become part of the billing infrastructure.Capital expenditure remains in the news spotlight. Some of the estimates they reference suggest that, by 2030, investment in AI construction will surpass $5 trillion. They also raise another point: focusing on operating expenses.According to market consensus expectations, hyperscale cloud providers are projected to reach $1.1 trillion in revenue by 2030. Currently, training demand is concentrated among a few buyers, with long contract durations and human participants on both sides of the transaction.Inference is the real mass market. A McKinsey chart they reprint summarizes the core of the entire article: by 2030, inference is poised to account for the largest share of AI data center electricity consumption, estimated at about 43% according to their definition.This involves not only chatbots but also millions of buyers demanding a single unit of effective work: tokens, a task, reserved capacity, a certain region, a specific latency, or a particular price.This presents a power market logic worth paying attention to.When buyers are agents, ordinary bank card payments start to look unsuitable — a single transaction amount could be extremely small, for example.BlackRock points out that always-on payment channels, such as stablecoins, as well as x402-style “pay before API response” mechanisms, could serve as the adaptable underlying infrastructure.Once this mechanism is feasible, inference becomes more like a service that can be purchased and settled without human involvement.Machine-native intelligence needs machine-native currency. Is the implied third element machine-native inference?
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