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

2026-07-04 13:39:24

Abstract generation in progress

Mars Finance 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 paths. At the same time, this "scale-for-growth" model is further disconnecting the pace between costs and revenues. The AI industry is facing multiple mismatch risks, including mismatched timelines for profit realization, misalignment between capital costs and asset maturation cycles, and the erosion of commercial revenue space by open-source AI models. Against the backdrop of high-leverage expansion combined with uncertainty in revenue realization, potential risks in the industry are accumulating.

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