Depreciation
Spreading an asset's cost over its useful life; book life and economic life can differ and reshape reported margins.
Current numbers
5–6 yr book / 4–6 yr estimate / 2–3 yr bear caseGPU book life vs frontier-economic life: the depreciation fight the family choice feeds (CONTESTED)
~$176BBurry estimate of understated hyperscaler depreciation, cumulative 2026–2028 (contested)