Rohan Paul
@rohanpaul_ai
A debt-funded cluster of non-Nvidia chips probably costs more to finance, whatever it saves on hardware.
The extra interest GPU loans pay over ordinary loans of the same grade widens as the grade falls, to about 2.5 points at B+.
Data center loans rated BBB- or BB+ pay only about 0.2 points more interest than ordinary loans at those grades, while GPU loans rated BBB, a notch or two higher, pay about 1.2 points more.
i.e. Lenders trust what outlives a chip generation, since a grid connection, cooling plant and shell can be refitted and re-leased when new accelerators ship.
