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What is the shelf life of a 100 right now? That's been a big debate for your
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company, for Microsoft and I guess Michael Bur who you must have known when you were a quant saying, "Oh my god, the
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whole industry is the sky's falling." My take on the GPU depreciation debate is
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that it's nonsense. It's a debate that is being brought to the forefront by
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some traders that have a short position in the stock and they're trying to uh
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talk down. Look, here's what we know. When we buy infrastructure, we're a
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success based company, right? We're a small company on a relative basis compared to the enormous companies that
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we're competing with. And so our clients come into us and they buy compute for 5
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years, for 6 years. Our average contract is 5 years. So any commentary by anyone
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either inside or outside of the industry that this stuff becomes obsolete in 16 months or whatever nonsense they're
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spewing, it doesn't in any way match up with the facts on the ground. The facts
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on the ground is they're buying it for 5 years. And my approach to this has always been if people are willing to pay
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me for it, it still has value. >> Correct. >> Pretty simple way of of approaching it.
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We use a six-year depreciation. We believe that the GPUs will last in excess of 6 years, but we felt like that
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was a fair and reasonable approach to a technology cycle that's moving at this
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velocity.