Filed under gpu-compute.

Priced Like Junk, Rented Like Gold

GPU rental prices are at record highs while neocloud bonds trade at distressed yields — both facts are simultaneously true, and the gap between them reveals precisely who absorbs the losses when 2027 arrives. The mechanism is not a demand collapse but a three-way mismatch: debt that outlives the customer contract, contracts that let tenants exit on late delivery, and a power-grid build running behind every published schedule.