Gavin Baker says his portfolio companies are having a hard time getting access to GPUs even well into 2027, and are shocked by the prices they're being asked to pay for compute so far out. "So for all the commodity experts focused on backwardation and what that implies, I've got news for you — we're not in backwardation anymore." "It's not just that the spot market is tight. If you want a cluster a year from now, you have to pay a lot of money." "Just the number of companies we have in our portfolio [at Atreides] who are like, 'Ok, we have a cluster of 4,000 Blackwells that we got in May or June of '26, and we want to bring on another cluster of 4,000 in September of 2027' — they're shocked by how much more they have to pay in the future." "Everybody's aware of the supply that's coming on, but even with all that supply coming on, it is hard for the companies in our portfolio to find compute. Even well into 2027." @GavinSBaker