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      "text": "emphasis on securing multi-year commitments from high-credit-quality counterparties is what drives its ability to raise significant amounts of secured financing collateralized by GPUs and IT equipment.",
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      "text": "According to Mizuho Equity Research, the mix of training / inference servers is ~60% in favor of training today, a mix that will flip to over 50% inference in 2027.",
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      "text": "Nvidia used its most recent earnings call to reaffirm an accelerated annual cadence for new GPU launches – compressing the product cycle even further from the two-year gap between Ampere (2020) and Hopper (2022).",
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      "text": "\"Chief Revenue Destroyer,\" — Jensen Huang (Nvidia CEO). \"When Blackwell starts shipping in volume, you couldn't give Hoppers away.\" — Jensen Huang (Nvidia CEO). \"A year ago or so, an H100 was $5-6 per hour. Now, it's around 75 cents, maybe less. Hardware typically depreciates in three to five years, but that's happening in a year now.\" — CEO of host.AI",
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