- Essays··26 min read
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.
neocloudai-infrastructurecredit-marketsgpu-computeRead - Essays··8 min read
The Rate Ford Can Absorb and Waymo Cannot
Ford raised its full-year profit guidance twice over the summer on $2.5 billion of quarterly operating income; Waymo, in the same fortnight, reported a loss five times its own segment revenue. The Federal Reserve's first rate hike since 2023 — 25 basis points on 16 September — does not reprice either company overnight, but it widens the asymmetric downside on long-duration AV bets funded by someone else's balance sheet.
autonomous-vehiclescapital-marketsinterest-rateselectric-vehiclesRead