[Tether CEO Questions AI Giants Relying on Subsidized Computing Power for Growth: Potentially Exacerbating Risks of Capital Structure and Profit Cycle Mismatch] According to a report by Jinse Finance, on July 4, Tether CEO Paolo Ardoino stated that large tech companies in the current AI industry are expanding their user base by subsidizing computing power. However, this approach relies on infrastructure expansion driven by high capital expenditures, with related assets typically depreciating rapidly within 3 to 5 years. This model is creating multiple structural mismatches, including: mismatches between token prices and real value, profit cycles and capital investment cycles, capital costs and debt maturity periods, as well as the trend of open-source AI continuously eroding revenue streams. Under the compounded pressure of these structural issues, risks within the industry are accumulating, raising concerns that 'problems may arise within such a structure.'