My 2 cents on depreciation——

For AI compute output companies (e.g. 算力输出公司）, a 5-6 year accounting depreciation for hardware is standard, but this is only the accounting depreciation. The training requires cutting-edge tech, while inference reuses older gear. NVIDIA’s rapid cycles cause economic depreciation in 1-2 years, therefore, the economic depreciation gap is indeed mismatching accounting schedules and risking write-downs.