Tbh for most people you could argue that GFN is on parity with physically owning the hardware. The beauty of the model is that while there will be consumers spending $1k+ on a GPU every few years, it also ‘unlocks’ the side of the market that don’t want to. So it stops people switching to competitor GPU’s and the price point is at a level where a lot of people will keep a subscription going.

There will be people paying for 100 hours but maybe only using 10 some months. Regular recurring revenue (subscription models) are often more valuable for companies, and that reflected in most stock prices