$40 billion of debt to buy GPUs.

It comes with a warning from @elonmusk. Lenders have almost entirely shut the door on anyone whose business depends on data centres.

Borrow, build, and hope demand arrives before the interest does. That model is starting to break.

But there’s another way.

Aggregate capacity that already exists, put it to work, and scale with demand instead of with debt.

That’s @ionet.