NOBODY KNOWS WHAT A USED GPU CLUSTER IS WORTH

Summary from the TLDR AI newsletter

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.