AI Infrastructure’s Second Question: Can GPU Utilization Keep Up with Capex?

The overlooked AI infrastructure metric is not how many chips were announced, but how much time those devices perform valuable work. Depreciation, facilities, power, and maintenance continue even when GPU utilization falls.nnResearch should separate who funds capex, how equipment is depreciated, how concentrated customers are, and whether free cash flow keeps pace. Chip vendors, compute operators, and software providers have different risk profiles.

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