非 Nvidia 芯片集群靠债务融资，硬件省下的钱可能被更高的融资成本抵消。GPU 贷款相对同评级普通贷款的额外利息随评级下降而扩大，B+ 级约达 2.5 个百分点；而 BBB- 或 BB+ 级数据中心贷款仅多付约 0.2 个百分点，BBB 级 GPU 贷款则多付约 1.2 个百分点。贷款方更信任能跨越芯片代际的资产，因为电网接入、冷却设施和建筑外壳在新加速器出货后可改造并重新出租。
A debt-funded cluster of non-Nvidia chips probably costs more to finance, whatever it saves on hardware.
The extra interest GPU loans pay over ordinary loans of the same grade widens as the grade falls, to about 2.5 points at B+.
Data center loans rated BBB- or BB+ pay only about 0.2 points more interest than ordinary loans at those grades, while GPU loans rated BBB, a notch or two higher, pay about 1.2 points more.
i.e. Lenders trust what outlives a chip generation, since a grid connection, cooling plant and shell can be refitted and re-leased when new accelerators ship.
来源：Rohan Paul · x.com