Shortly before publishing this newsletter, I spoke with Gil Luria, Managing Director and Analyst at D.A. Davidson, and asked him whether the capital was there to build the 17 Gigawatts of capacity that OpenAI has promised.
He said the following:
No of course there isn't enough capital for all
I think it was this one from 2022 that mentions coreweave borrowing 29 billion backed by GPUs.
especially nice given how fast they depreciate.