Goldman Delta 1 head on recent drop in compute rental prices "For me, the most important metric remains compute rental prices. The market’s central premise has been that compute is scarce. If scarcity persists, prices should remain firm and justify continued capex. If supply rises and rental prices continue to drift lower, that is a direct challenge to the shortage narrative. The first place that pain shows up is hardware. ORNN H100 index rolling over last couple days worth watching. The beneficiaries are the companies selling the complete platform and monetizing usage rather than simply selling picks and shovels. My working conclusion remains that hyperscalers are the structural winners through this phase. The first moment they demonstrate they can deliver equivalent output with lower spend, the market will reward them. The bigger risk sits further upstream in the hardware and infrastructure stack where expectations remain built around persistent scarcity."(zerohedge)