However, I agree with you on one point, due to

(1) massive CapEx with uncertain ROI, (2) accounting vs. economic depreciation gaps (linear costs vs. obsolescence-driven losses), and (3) demand volatility (hype to oversupply), firms like ORCL, CoreWeave, and Salesforce bear far higher risks than upstream or downstream infrastructure players gaining from upgrades without ownership burdens.

 

总结一下：我不觉得5-6年的accounting depreciation 如大多数人认为是理所当然的，因为真正的economic depreciation gaps 确实是1-2年。但我同意薄少帅说的，算力输出公司是AI投资中风险最大的。