even 4-year-old GPU capacity is repricing up. $ORCL in its latest call said capacity coming up for renewal in Q1 was renewed or resold at a 20% premium. fyi most of those GPUs are four years old+ IREN, two weeks earlier: "3-year contract pricing up about 125% since November, recent deals above $20M per MW." new supply is arriving. but pricing power is surviving it. v interesting..
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