Michael Intrator

So any commentary by anyone, either inside or outside of the industry, that this stuff becomes obsolete in 16 months or whatever nonsense they're spewing, it doesn't...

in any way match up with the facts on the ground.

in any way match up with the facts on the ground.

The facts on the ground is they're buying it for five years.

The facts on the ground is they're buying it for five years.

And my approach to this has always been, if people are willing to pay me for it,

And my approach to this has always been, if people are willing to pay me for it,

It still has value.

It still has value.

Correct.

Correct.

Pretty simple way of approaching it.

Pretty simple way of approaching it.

We use a six year depreciation.

We use a six year depreciation.

We believe that the GPUs will last in excess of six years.

We believe that the GPUs will last in excess of six years.

But we felt like that was a fair and reasonable approach to a technology cycle that's moving at this velocity.

But we felt like that was a fair and reasonable approach to a technology cycle that's moving at this velocity.

The A100s, the Amperes, this year, the price has appreciated through the year.