The risk of becoming the WeWork of AI is both underestimated and misunderstood. Behind the AI branding, some companies are running a familiar business model: taking on long-term financial obligations while selling short-term capacity, often without adequate hedging or risk management. WeWork was sexy. Until the market turned. Some businesses face a similar structural mismatch: • Long-term liabilities: Multi-year GPU financing and capacity commitments. • Short-term revenues: Compute rented by the day or month. • Customer risk: Customers can walk away or renegotiate. • Term structure risk: Today’s contango can become tomorrow’s backwardation. • Delivery risk: Future capacity, power, and demand are not guaranteed. A profitable spread today doesn’t guarantee a profitable spread tomorrow. But the debt doesn’t disappear when the spread does. AI compute is real. Demand is real. But that doesn’t make every business model sustainable. This is why compute needs transparent forward curves, independent benchmarks, residual value assessments, and hedging markets. AI is revolutionary. Asset-liability mismatch is not.