GPU-Backed Debt and the case for the End of SaaS Credit Shoal Signal Ep. 7 with @0xZergs, co-founder/CEO of @USDai_Official, hosted by @zaddycoin AI compute is being built faster than the financial system can finance it. Chips refresh every 24 months, and the debt that funds houses and planes needs decades of data and years to structure. David walks through why he thinks most of DeFi is money lending against money, and not real credit. 0:00 From art financing to GPU credit 2:18 DeFi is money market, not capital 3:13 Why CoreWeave bonds are not ABS 5:25 Convertible debt and the miner playbook 6:31 What securitization actually needs 9:03 Hyperscalers versus the Neo cloud tail 9:37 The depth perpetual idea 12:30 Underwriting eight chips, not companies 17:14 Why most RWAs are "toxic waste" 21:11 SaaS credit is dead 23:03 GPU loans as a super sector 26:37 Inside the Nvidia financing gap 30:20 Why only Nvidia chips 33:12 Compute as the next stablecoin 35:31 PYUSD, USDAI, and lowering the rate 38:34 Insurance with Barker and Munich Re 40:13 Internet capital markets versus margin 42:25 Where on-chain credit actually wins Youtube: