JPM on Neoclouds: "Across the industry, longer-term bare metal pricing seems to be around $10-12/W...We believe achieving $15/W+ pricing on bare metal (or bare metal adjacent) deals involves having access to near-term capacity and high-end GPUs with shorter contract terms and low customer prepayments, if at all. While SpaceXAI was able to sign $30-50/W deals, we believe most high end deals for neocloud providers will be in the $15-20/W+ range given pricing comments made by CRWV, $NBIS, and $IREN. The higher end is achieved through shorter contract duration and smaller customer pre-payments. Additionally, industry commentary about the resiliency of GPUs once they are past burn-in testing and $CRWV recent comment about signing A100s point to GPU useful lifespans being longer than current estimates of ~5-6 years. With the primary operating costs for the neocloud business being power and GPU depreciation, an elongation in useful life represents a meaningful uplift in profitability."