Tether CEO: AI companies' subsidy-driven expansion model may face structural mismatch risk between valuation and profitability.

BlockBeats news, July 4, Tether CEO Paolo Ardoino posted on social media that the current practice of AI and big tech companies continuously subsidizing computing resources to expand user scale is essentially building a high-capital-expenditure-driven infrastructure system. However, such investments face a rapid depreciation cycle of 3 to 5 years, creating structural pressure on asset recovery and profitability. At the same time, this "scale-for-growth" model is further widening the gap between cost-side and revenue-side momentum.

The AI industry is facing multiple misalignment risks, including mismatches in profit realization timelines, discrepancies between capital costs and asset maturity cycles, and open-source AI models increasingly eroding commercial revenue space. Against the backdrop of high-leverage expansion and uncertain revenue realization, the industry's underlying risks are accumulating.