Some really interesting numbers on GPU depreciation cycle. A 6-year-old NVIDIA GPU generation still has customers committing to multi-year capacity. CoreWeave just signed a multi-year NVIDIA A100 contract. It runs into 2029. And while NVIDIA introduced the A100 in 2020, means customers committed to that generation roughly 9 years after launch. CoreWeave also says prior NVIDIA generations are largely sold out. CoreWeave's 10-K assigns technology equipment a 6-year useful life, after raising the estimate from 5 in 2023 as hardware, software, and data-center design improved. The company says older GPU fleets can shift into managed inference after initial contracts expire, keeping paid workloads on installed, powered hardware.