Depreciation
Spreading an asset's cost over its useful life; book life and economic life can differ and reshape reported margins.
Current numbers
~$12–13B/GW-yrrevenue per GW per year — the depreciation clock that makes time-from-rack-to-first-job a million-dollar-per-week metric (contested — single-source)
5–6 yr book / 4–6 yr estimate / 2–3 yr bear caseGPU book life vs frontier-economic life — the depreciation fight the family choice feeds (CONTESTED)
~$176BBurry estimate of understated hyperscaler depreciation, cumulative 2026–2028 (CONTESTED)