GPU pricing is now set by cost of capital, not spot rates, argues Maya
AccBalanced · x · 2026-10-19
Maya Zilberman argues the key GPU pricing number is no longer $/GPU-hour but the borrowing spread: hyperscalers pay 90bp over Treasuries vs 1,100bp for neoclouds. As AI buildout debt reprices, compute cost is set by cost of capital, meaning the same H100 prices differently depending on whose balance sheet it sits on.
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