Blog

Oct 27, 2026

Did GPU Node Values Actually Change?

CoreWeave's bonds hit 15% and its stock fell 15.5% in a day, but rental rates rose and replacement cost held. Node values did not move - the risk sits with the owner, not the node.

Oct 6, 2026

GPU Depreciation: Accounting Life vs Economic Life

Depreciation schedules get the length of a GPU's life about right and the shape wrong. One H100 node, book value against economic value, and what the gap does to lender LTV.

Oct 2, 2026

GPU Impairment: When Do You Write Down a Node Fleet?

Impairment asks whether the book is too high. Fair value asks what a buyer pays today. A fleet can pass the first test and miss the second by a wide margin, and lenders live on the second.

Sep 26, 2026

What an H100 Is Worth Today, and What It Teaches B300 and Vera Rubin Lenders

The H100 is the first AI GPU to run through a full lending cycle. What that collateral is worth today is the best evidence we have for how to underwrite B300 now and Vera Rubin next.