As @JensenHuang argued in his essay, we believe that GPUs should be increasingly thought of as financeable capital assets with stable cash flows coming from AI inference. Based on our residual fair value estimates, A100 stopped depreciating since late 2025 as rising rental income offset time decay of value. Meanwhile, the H100 and B200 chips have both meaningfully appreciated in value in 2026 as a result of the strong increase in GPU rental rates! We are still learning when it comes to the question of economic lifespan of GPUs. It certainly doesn't appear to be 2-3 years as some seem to casually assume. The NVidia A100 chip was released on May 14, 2020, well over 6 years ago and its rental rates are still holding steady after a significant run-up in 2026!