Tether CEO warns AI giants' computing power subsidy model: Multiple cycles of mismatch continue to accumulate industry risks.

On July 4th, PANews reported that Tether CEO Paolo Ardoino published an article on the X platform, questioning the current expansion model of AI giants subsidizing computing power in exchange for user scale. He stated that leading global AI technology companies are continuously increasing their investment in computing infrastructure to seize market share, resulting in huge capital expenditures. However, the economic depreciation cycle of computing assets such as GPUs and servers is only 3 to 5 years, and the hardware depreciates extremely quickly. This creates structural mismatch risks: token prices are decoupled from the real value of assets, the profit realization cycle lags behind the capital investment cycle, and the cost of capital does not match the debt repayment period. At the same time, open-source AI models continue to divert market demand and compress commercial revenue space.