In the 1980s, banks lent against commercial real estate without checking for contamination. Then the losses came. Then Phase I environmental assessments became standard overnight. David Friedman's latest piece makes the case that GPU-backed lending is at that same inflection point — and he builds the argument on research Yuhua Yu and I did at @Silicon_Data. The finding that stuck with me most: individual chip identity explains 32–73% of performance variance. Not the provider. Not the config. The chip itself. Two identical #H100s# can differ by up to 38% in real throughput. If you're structuring debt against GPU pools, the spec sheet isn't your collateral. What that hardware actually does under load is. Great working with Dave on this one.