@meetmargin: For two years the AI buildout ran on borrowed money: lease a building, buy GPUs on credit, rent them to whoever is training the next model. That works until lenders ask what happens if the tenant walks. Musk's point is that credit now goes to companies with a second business paying the bills, and most of the companies renting out GPUs don't have one. If he's right, AI compute doesn't stop growing, it concentrates. Fewer owners means less price competition for every startup renting GPUs, and more leverage for the few who can still borrow, including the one sounding the alarm. Is this a warning, or a sales pitch? #neocloud #aidatacenters #spacex #gpucloud #elon

The Margin

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Saturday 31 October 2026 22:08:03 GMT