Jevon's paradox says that if data centers can serve a lot more tokens per dollar or watt there will be increased demand for data centers.
You can't simply wave Jevon's paradox at things. Thousands of miles of canals were dug in the UK that couldn't be sustained and were abandoned. Thousands of miles of railways were laid that could be sustained and were abandoned. And those are potentially durable investments, unlike cheap walls, pillars and roofs laid over a levelled concrete slab full of fast depreciating IT equipment.
But yes, if sold for a negative margin Jevon eventually stops because the decreasing supply will drive up prices.
> things are made that will sell for less than the cost of construction
Price is set at the marginal cost. Capital costs aren't in marginal costs.
You'll need a better counter-example than UK railways which suffered from Parliament price-fixing.
I'm so glad the tide here is turning on this talking point, brought on by exactly the same people beating us over the head with it for months while no progress is made towards it materializing.
Many, many people who post here are capable neither of real analysis nor distinguishing real analysis from memes. They aren't hackers, they are adherents of a cult that happens to focus on the same subject matter as hackers.