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Tether CEO Questions AI Giants' Subsidized Growth Strategy: Risks of Capital Structure and Profit Cycle Mismatches

AirdropBlackHole
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On July 4, Tether CEO Paolo Ardoino stated that large tech companies in the AI industry are expanding their user base by subsidizing computing power. However, this strategy relies on infrastructure expansion driven by high capital expenditures, with related assets typically depreciating rapidly within 3 to 5 years. This model is creating multiple structural mismatches, including discrepancies between token prices and real value, mismatches between profit cycles and capital investment cycles, mismatches between capital costs and debt maturity periods, and the trend of open-source AI continuously eroding revenue space. Under the accumulation of these structural pressures, industry risks are building up, raising concerns that "problems may arise in such a structure."
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