Silicon Data CEO Carmen Li says the GPU forward curve has flipped to contango, so the market expects compute prices to keep rising over the next 36 months “So, the yellow line was last year, right? The horizontal line is the duration, and the dollar amount is the Y axis. So, last year was complete downward sloping curve for the yellow line, right? Meaning the longer term contract you signed, the cheaper, you know, was per GPU per hour." "And this year, starting early this year, the whole curve shift up and became contango. If you see the red line, right?" "So, translate to people not getting enough discount for longer term contract. Implies that people assume the price going to rise down the line." "And now you see the price, the whole curve keeps shifting up, got flattened, right? So, meaning people are now either get penalized or get, you know, awarded by signing long term contract." "This is reserved contract we observe. And if you look at implied forward rates, this is the implied forward rates, right? Because we don’t have a future trading. So, this is calculated based on our term structure. And we use similar methodology as Treasury futures curve." "So, you can see a market consensus view is the price could go up in the future, next 36 months.”