SemiAnalysis: TTFT Overestimated, Reasoning Bottleneck Lies in the Trade-off Between Interactivity and Throughput

SemiAnalysis points out that the "first token latency" (TTFT) in large model inference may be overemphasized by the market. The core dimension of inference systems is not simply "the faster, the better," but rather the trade-off between "single-user interaction speed (tok/s/user)" and "overall throughput efficiency (tok/s/GPU)." In most scenarios, the impact of TTFT on user experience is limited; the token speed during the generation phase is the key variable. SemiAnalysis concludes that only about 10% to 20% of inference tasks are truly constrained by latency, while the majority of scenarios rely more on throughput and cost efficiency optimization.

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