Fed Chairman Kevin Warsh spent considerable time in his remarks today at Jackson Hole, Wyo. outlining key questions on the long term impact of artificial intelligence: Among them:

-- "Will the application of AI cause a significant, sustained rise in productivity across the economy? And if so, when?"

-- "Will the next generation of AI models demand even greater capital intensity, or will the models themselves help devise a capital-light solution?"

-- What will the resulting market structure look like? Where and when will returns on capital land, and how much of that value will make its way down to businesses and consumers?

-- Users buy tokens to gain access to large language models at the heart of AI. What will their fair market price be? Will tokens for frontier models have premium prices? Will older models become cheap commodities in the long term?