The Inference Report

June 1, 2026

Capital is abandoning manufacturing for silicon. SoftBank's market value now exceeds Toyota's, marking the definitive end of Japan's industrial era and the beginning of its AI hardware bet. Ardian is building a five-billion-euro data center outside Paris. Intel is shipping inference GPUs by year end. The infrastructure thesis is being priced in at scale, and the money has moved decisively from pipes to software and back again to pipes. What's being tested now is whether returns justify deployment, and whether the public will tolerate the environmental and labor costs of getting there.

NVIDIA has moved beyond selling chips. At Computex, the company announced a unified stack: hardware, software layers, reference designs, open source tools, and now Hugging Face integration of NVIDIA Cosmos 3 into its model hub. The architecture makes it cheaper and faster to build on NVIDIA infrastructure than anywhere else, then calls it openness. Taiwan's manufacturing ecosystem serves as both proof of concept and supply chain lock-in. Token demand is exploding. Every factory, hospital, and developer scaling agentic AI is being funneled toward the same compute layer. This isn't about winning deals. It's about making the alternative friction-filled enough that builders stop considering it.

Beneath this confidence sits a widening credibility gap. Gen Z uses AI more than any cohort but increasingly views it as a threat rather than opportunity. Erin Brockovich's scrutiny of data center secrecy suggests environmental and transparency concerns will become friction points as capacity demands accelerate. Wall Street strategists are shrugging off bubble warnings while simultaneously betting on AI stocks to defy gravity, a posture that depends entirely on the infrastructure thesis holding.

Developer energy has already shifted from "what if we use an LLM" to "how do we actually operate these systems." GitHub trending shows agent coordination tools like Harness, CORAL, and Pi Subagents solving real problems that didn't exist two years ago. Aegis enforces runtime policies with cryptographic audit trails. Claude Code dominates, but the deeper signal is the emergence of glue tools: MarkItDown converts documents, Scrapling handles web scraping, Supermemory builds memory layers. Openpilot remains the most interesting robotics repo because it ships actual code running on actual cars, not research simulations. The practical layer is solidifying while the infrastructure layer consolidates.

Grant Calloway

AI LabsAll labs
From the WireAll feeds
Research Papers — FocusedAll papers
SCARCE: Emergent Institutions in Long-Horizon Multi-Agent Coding Systems cs.MA

As autonomous agents become widely deployed, coordinating access to shared computing resources and services will become increasingly important. Recent incidents have already revealed unplanned coordination between agents, highlighting the safety implications of these interactions. Yet prior studies of agent negotiation often use stylized games and simulated bargaining, leaving open how these behaviors develop during sustained, long-horizon tasks. We propose SCARCE (Shared Compute ARena for Coding agEnts), a framework in which agents solve sequences of coding tasks under individual deadlines while negotiating access to a shared execution resource. This negotiation determines when and for how long they can inspect programs, compile code, and run tests. We find that agents spontaneously develop informal institutions: persistent rules and commitments grounded in reputation, reciprocity, and precedent. These arrangements, which we call institutional behaviors, carry across tasks and influence resource allocation, with agents sometimes foregoing immediate advantages to honor earlier agreements. We develop a 21-category taxonomy of negotiation strategies and emergent norms and use it to analyze eight models and audit more than 1,500 trajectories across different environmental settings. Among the models tested, newer frontier models exhibit more institutional behaviors than older or lightweight models. Alongside cooperation, we observe exclusionary coalitions and rare divide-and-conquer strategies. SCARCE provides a controlled setting for proactively and systematically auditing how these relationships emerge, shape access to resources, and affect the safety and coordination of multi-agent systems.

SSR: Structural Signal Retriever for Scalable Agent Discovery in LLM-Orchestrated Multi-Agent Systems cs.MA

Large-scale multi-agent ecosystems require mechanisms for discovering suitable agents without exposing entire registries to a large language model (LLM) orchestrator. The challenge is not only to retrieve relevant Agent Cards from a growing registry, but also to maintain a compact candidate context, since each additional candidate increases prompt size, inference cost, latency, and the risk of exceeding the model context window. We formulate this problem as candidate-context scalability and propose the Structural Signal Retriever (SSR), our deterministic and training-free retrieval method designed for Agent Card discovery. SSR derives structural lexical signals from capability-bearing Agent Card fields, weights them using inverse document frequency (IDF), and uses an Inverted Signal Index (ISI) for selective candidate scoring. We evaluate SSR using a synthetic agent benchmark, a public MS MARCO adaptation, and end-to-end LLM orchestration. At 1,000 agents, SSR reduces LLM input by 98.8% and orchestration latency by 70.9% relative to full-catalog orchestration. On MS MARCO, IDF improves retrieval effectiveness within the structural representation, while the ISI preserves retrieval effectiveness and reduces explicitly scored passages by 96.8%. End-to-end experiments show that candidate pre-selection maintains a compact candidate context as registry size grows and avoids the operational failures observed with full-catalog orchestration. These results support SSR as an Agent-Card-native, traceable retrieval mechanism for candidate-context scalability.

A Responsibility-Centered Coordination Mechanism for Decentralized Multi-Agent Systems cs.MA

Centralized orchestration provides comprehensive multi-agent coordination but creates bottlenecks in scalability, adaptability, and collective performance. Decentralized approaches alleviate these bottlenecks by distributing coordination across agents, yet often leave responsibility for delegated dependencies and failure recovery unclear. To address this gap, we propose RCM, a responsibility-centered coordination mechanism that leverages commitments to couple task delegation with explicit responsibilities of the involved parties. Through recursive delegation, agents retain their upstream responsibilities while locally orchestrating downstream commitments, thereby preserving accountability across delegation chains, creating a network of local orchestration. We operationalize this mechanism locally through responsibility-constrained decision-making and a responsibility-oriented communication protocol (RCP), enabling agents to autonomously establish, manage, and terminate commitments. As agents act in parallel, their local actions continuously evolve the commitment graph, allowing global coordination to emerge and adapt toward a shared mission without centralized control. Experiments across reasoning, coding, and executable agent environments demonstrate that RCM outperforms strong centralized and decentralized coordination baselines by up to 18.7 points in task performance and 10.2 points in Responsibility, while improving failure and harm detection without task-specific training.

The Delegation Dilemma: Economies of Scale, Accountability, and Polycentric Governance cs.MA

Many collective-action systems are neither fully decentralized nor fully centralized: agents voluntarily organize into institutions that share organizational costs and delegate decisions to representatives. Delegation can reduce individual costs, but it also transfers control to representatives whose private objectives need not align with those of their constituents. We study this tension in a repeated game with endogenous delegation to self-interested centers. A simple reduced-form model yields a scale--accountability tradeoff: larger constituencies offer greater cost-sharing benefits to members, yet the marginal value to a center of retaining any one constituent decreases as group size grows. Consequently, the prospect of individual exit can sustain non-exploitative delegation only up to an endogenous accountable constituency size. Additionally, we identify parameter regions in which fully delegated, accountable governance, when feasible, must be polycentric. We investigate these predictions through simulations with large language model (LLM) agents. Across five matched pairs of 30-agent simulations, polycentric structures repeatedly emerge but remain fluid, exhibiting cycles of concentration, exploitation, exit, and re-formation. We further find that models of different capacity exhibit similar willingness to assume leadership but differ substantially in their exercise of authority, with Sol initiating exploitation more frequently than Luna in matched decision states.

Agentic-Priors: Using Large Language Models to Address the Cold Start Problem in Preference Elicitation cs.MA

An agent that learns a user's preferences from their choices faces a cold start problem: before any choices are observed, it must rely solely on a prior. Informative priors are usually fitted to historical choice data, which new tasks and deployments lack. To address this, we present Agentic-Priors, which lets agentic systems use the implicit knowledge of large language models (LLMs) instead. Specifically, an LLM states a new user's trade-offs in interpretable terms, such as willingness to pay or value of time, which we map to a prior over multinomial logit coefficients. This prior is then refined by a Bayesian learner as choices are observed. Across seven choice datasets, Agentic-Priors improves cold start accuracy over an uninformed prior by 5-40 percentage points. It also outperforms AutoElicit, a state-of-the-art LLM prior-elicitation method, on three datasets and loses on one. It is up to 18 points more accurate than in-context learning, and never significantly worse. Against hierarchical Bayes models fitted to surveys of increasing size, our approach is worth roughly 6-40 surveyed users, in terms of log-loss, so its value is concentrated in a deployment's first users.

Learning Self-Orchestration in Decentralized Agent Swarms cs.MA

The capabilities of an agent swarm depend on both its individual members and how they coordinate. Yet existing multi-agent systems often train agents within fixed orchestration structures, separating the learning of individual capabilities from the organization of collective behavior. We introduce market-based post-training (MPT), a framework for jointly learning action policies and self-orchestration in decentralized agent swarms. Agents express their willingness to participate through bids, which determine who acts and how collective outcomes provide local training credit. Learning both action and bidding behavior allows individual capabilities and patterns of participation to adapt together without a central coordinating agent. We evaluate MPT on embodied crafting, robot navigation, and deep research. Results show gains over monolithic post-training and confirm that agent participation indeed evolves with learning. With the same post-trained action policies, learned self-orchestration outperforms alternative coordination strategies. Ablations show that both action and bidding benefit from learning, and that learned bids provide more effective action-training signals. Beyond the original training objectives, trained swarms adapt faster to related tasks and achieve better performance with larger populations at inference time. Larger populations also suffer smaller performance losses under agent dropout, demonstrating that learned self-orchestration supports reuse, scaling, and robustness in decentralized agent swarms. Code and trained models are available at https://github.com/Embodied-Minds-Lab/MPT.

BenchmarksFull tables
Artificial AnalysisIntelligence Index

Composite score across coding, math, and reasoning

#ModelScoretok/s$/1M
1Claude Opus 4.861.463$10.94
2GPT-5.560.266$11.25
3Claude Opus 4.757.360$10.94
4Gemini 3.1 Pro Preview57.2144$4.50
5GPT-5.456.886$5.63
SWE-rebench

Agentic coding on real-world software engineering tasks

#ModelScore
1gpt-5.5-2026-04-23-xhigh62.7%
2Codex60.4%
3Claude Code59.6%
4gpt-5.5-2026-04-23-medium58.9%
5Claude Opus 4.8-xhigh56.4%