Token cost and availability are becoming central to AI conversations, so much so that according to Michael Dell, the issue answers one of the big questions about the technology of the past year: Are we in a bubble?

“The demand [for tokens] is in excess of the supply, by a lot,” the Dell CEO said Tuesday at Semafor World Economy. “It would be hard for there to be a bubble right now, just because there’s not enough supply.”

He anticipated some level of market correction, but not anytime soon: “At some point, the markets always overcorrect and there will be too much, but I don’t see it at any time in the next couple of years,” he added later at a dinner hosted by Semafor. Dell expects its server business to reach $50 billion in revenue this year, roughly double what it made last year. Since updating its sales outlook in February, its stock price has increased by 50%, valuing the 40-year-old computer-maker at $120 billion.