"Renting" turns out to be the best business in the world, this is the wisdom of our ancestors from 2000 years ago, NVIDIA also understands it now and has started taking a cut from cloud computing! 🧐

The logic is just like shared bicycles; you don't need to own a bicycle (NVIDIA cabinets). Through supply chain finance, the users' rent can repay the monthly leasing bills. Previously, buying NVIDIA cabinets outright was in high demand, but now it has turned into an installment payment plan; #Meta has become an eternal villain! 😂

I took the liberty to check the path of financial window dressing under American accounting standards, from "one-time buyout" to "financing lease" model, in the future, the present value of all rents can be recognized at once as sales revenue. The financial reports immediately restore the prosperous scene of "one-time buyouts," perfectly covering the revenue collapse during the transition period. This is something to pay attention to. (See 👇Figure 2)

By the way, let's talk about the leasing model. In ancient times, there were landlords collecting rent, like the Jia family in Dream of the Red Chamber; such large expenditures were maintained by the land rent from the estates, as land was the core means of production in ancient times.

In the internet era, there is network traffic rental, like Taobao and JD, which has transformed the original land rent into spatial traffic rent, equivalent to large online landlords, charging fees for shops and paid traffic, among others; traffic has become the core means of production.

Next, in the AI era, computing power rental, agent rentals, etc., will become a good business model. NVIDIA has already begun its transformation from selling hardware to a permanent rental model.

In summary, transitioning from a buyout to a rental model essentially indicates that the capital expenditures of various cloud manufacturers downstream are too high and bear considerable pressure. This might be what I often refer to as the "Minsky Moment," so pay attention to this turning point! 🧐

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