Sep. 9 at 9:46 AM
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The AI bear case:
Accounting depreciation is slower than economic depreciation.
A
$30K GPU depreciated straight-line over 6 years is worth
$20K on the books after 2 years, but compute is being commoditized (per Jensen).
A newer GPU can make the old one economically obsolete long before the accounting schedule says so.
That's the risk: billions in AI infrastructure debt are being underwritten against future compute cash flows, not the physical GPUs themselves.
If GPU rental prices fall faster than the depreciation schedule, book value, financing value and real-world value diverge.
The GPU doesn't need to be worthless, it just needs to be worth less than the debt against it.
This is not (overt) fraud. It is convenient oversight. Asset values that look durable on paper, but the underlying economics move much faster.
https://www.reuters.com/commentary/breakingviews/financiers-are-set-turn-nvidia-into-an-ai-baron-2026-09-02/?utm_source=chatgpt.com