Outside of the hypers, all the scaled neoclouds and labs are financing GPUs on 5-6 year take or pay contracts. These are ironclad because the counterparties who actually bought the chips had to raise institutional debt against the take-or-pay contracts… A world where the labs are ripping these chips out in year 2/3 and replacing them with new ones is a world where they are earning enough on the new chips to (I) pay for the take-or-pay contracts on the new chips, (II) pay for the take-or-pay contracts on the old chips, and (III) still earn an economic profit after (I) and (II). In this world, we would be EGREGIOUSLY short compute. So every chip you could plug in in this world would make tons of money. TLDR get long power.