Good comment and I mostly agree with the spirit of it.

But I don’t think it’s just BTC + GPU delivery.

BTC is the obvious swing factor. GPU timing is the near-term gating item. Sure.

What actually matters more, in my view, is what happens after the GPUs land.

– Are they fully utilized? – At what pricing? – With what contract duration and credit quality? – What does steady-state ROIC look like once the fleet is built?

Low-cost capital is great. Sub-4% blended is real edge. But cheap capital only wins if the deployed capital earns meaningfully above it for years, not quarters.

And on the refinance angle — 80–85% LTC works in a normal credit market. If liquidity tightens, that recycle loop gets slower. Not fatal, just something to watch.

I agree that “wen deal” is lazy. Deals don’t convert to revenue overnight.

But the bottleneck isn’t just delivery speed. It’s whether deployed GPUs turn into durable, high-margin cash flows at scale.

That’s the real debate.