Creation -> Verification LLMs have collapsed the marginal cost of busywork to zero. The only places left for value to accrue are verifiers and bottlenecks. Verification turns raw output into trusted decisions. It compounds into eval suites, judgement markets and switching costs. The bottlenecks remain the same, the areas where software that eats the world cannot get a cheatmeal. The physical renaissance...memory bandwidth, packaging yield, grid power, and installation uptime. When we think about the unit of reward, it has flipped. No longer hours worked by the tryhards, but throuput verified. Decisions per unit of attention from meat space to compute. Tokens per joule, tasks per robot hour that 'stay done'. For buidlers, own the verification step or the physical choke point. Investors want to back the bottleneck owners and lubricants. Both accrue value, both compound. Toll booths are in vogue.