title: "Max Kan: Analyst | SemiAnalysis"

Max Kan is an analyst at SemiAnalysis who co-leads the Tokenomics Model. This model serves as a unit economics engine for AI serving, translating AI revenue and usage into future hardware demand. It analyzes factors like bottoms-up token throughput, ROI on AI spending, and future accelerator demand from hyperscalers and labs. The model covers hardware fleets from major players including Nvidia, AMD, Google, and Amazon.