[irishcoffee]

It isn’t about holding value, the cards are going to burn up. If they don’t, in 5 years one could run a rack of 4 cards at home at an affordable rate. Either the cards become affordable again and the datacenter is useless, or they don’t, and nobody can fucking afford to rent them.

[wmf]

GPUs definitely have higher failure rates than CPUs but I'm not sure what the absolute rates will turn out to be. If 10% of GPUs die within 5 years that's very high but also probably economically fine. If 50% die that's a disaster.

[irishcoffee]

Sorry, I meant at some point the current cards in he data centers will be obsolete, financially. They’ll be sold on the secondary market. Buying 8 h200s at $150 a pop will either be a real thing, or they all burn up and capex explodes again, which would be a death knell.

Either way, the moat is about 7 inches wide.