@dratchcap · Long AMZN · The Analysts

Folks shocked by this week’s hyperscaler ROI commentary could have just paid attention. It’s not rocket science 😉 June base case from below: GPU systems pay back in ~2.5-3 yrs on a decline curve, inside 30-yr shells. ~20% unlevered IRR. This week (AMZN + MSFT, the latest

Matt Dratch@DratchCap

Seems like some confusion on the original post. I’m NOT saying every GB300 customer pays list forever. List is just an anchor to lay out the potentially fast payback math (especially given the publicized xAI deals) on initial higher priced deals AND so people can flex pricing,

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Since the call—

unrankedThe analyst's rank today

Medium · 0.83Confidence

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