Tether CEO Warns of AI Giants' Computing Power Subsidy Model: Multiple Cycle Mismatches Continuously Accumulate Industry Risks

CoinFeed July 4 news, Tether CEO Paolo Ardoino posted on X platform, questioning the current expansion model of AI giants subsidizing computing power in exchange for user scale. He said that global leading AI tech companies continue to ramp up computing infrastructure to seize market share, bringing huge capital expenditures. However, the economic depreciation cycle of computing assets such as GPUs and servers is only 3 to 5 years, and hardware depreciates very quickly, giving rise to structural mismatch risks: token prices are decoupled from the true value of assets, the profit realization cycle lags behind the capital investment cycle, capital costs and debt repayment periods are mismatched, while open-source AI models continue to divert market demand and compress commercial revenue space.