Multi-adapter serving systems route entire sequences to a single adapter, forcing a choice when requests span multiple domains. This assumption fails in two important settings: (1) multimodal generation, where text and image tokens require different adapters within the same sequence, and (2) mixed-capability requests like "write code to solve this equation," which need expertise from multiple specialized adapters. We introduce per-token routing, which routes individual tokens to adapters based on either vocabulary structure (for multimodal models) or learned gating (for semantic specialization). Per-token routing is provably optimal, achieving work N for N tokens versus K \cdot N for per-sequence routing with K adapter types. Our key contribution is MoLoRA (Mixture of LoRA), which enables composable specialization: load multiple domain-specific adapters and let a learned router select the appropriate adapter per-token. We demonstrate that specialization dramatically beats scale: MoLoRA enables Qwen3-1.7B to exceed Qwen3-8B across four reasoning benchmarks while being 4.7x smaller. This enables modular expertise at inference time: train focused LoRAs independently, combine them without retraining, and add new capabilities by simply loading new adapters.