AI Infrastructure Trade Fractures as Investors Reprice GPU Longevity
Nebius and CoreWeave melt-ups collide with mounting scrutiny of Nvidia depreciation assumptions, while AMD valuation resets and Super Micro guidance underscore a widening quality gap in the AI complex.
The AI infrastructure trade is no longer monolithic. Speculative neoclouds are surging while investors interrogate the core assumption underpinning the cycle: that Nvidia GPUs are perpetual cash-flow machines. Commentary reframing accelerators as depreciating capital rather than durable assets is beginning to filter into valuation frameworks across semis, hyperscale hardware and power-adjacent 'hard asset' plays.