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Tether CEO questions AI giants' growth via subsidized computing power: may exacerbate mismatch risk between capital structure and profit cycle.

2026-07-04 11:49:38

Abstract generation in progress

Golden Finance reported on July 4 that Tether CEO Paolo Ardoino stated that in the current AI industry, large tech companies are expanding their user base by subsidizing computing power, but this relies on infrastructure expansion driven by high capital expenditures. The related assets typically depreciate rapidly within 3 to 5 years, creating multiple structural mismatches, including: the mismatch between token prices and real value, the mismatch between profit cycles and capital investment cycles, the mismatch between capital costs and debt maturities, and the trend of open-source AI continuously eroding revenue space. Under the combined effect of these structural pressures, industry risks are accumulating, and he questioned, "In such a structure, something might go wrong."

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