TLDR Tech / AI
Nobody knows what a used GPU cluster is worth
GPU collateral has three values, and the market is currently pricing only one of them. Face value is the purpose price minus straight-line depreciation. Liquidation value is what a buyer pays in distress. Going-certain value is what the cluster is worth as a working asset to the next tenant. The spread between face value and going-certain value is the entire risk that nobody has hedged.
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