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You buried the lede with “exponential capex scaling”. How is this technology not like oil extraction?

The bulk of that capex is chips, and those chips are straight up depreciating assets.



The depreciation schedule is debatable (and that's currently a big issue!). We've been depreciating based on availability of next generation chips rather than useful life, but I've seen 8 year old research clusters with low replacement rates. If we stop spending on infra now, that would still give us an engine well into the next decade.




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