Laura Shin@laurashin2D
bullishRam on why the data center boom isn't overbuilt yet: old H100s still earn, the GPU shift is early, and agent demand is rising
"That's the exact right question to ask, because one day there will be overcapacity and the party's over. Not there yet. You can measure that by spot rental prices for GPUs. We have Nvidia H100 series models that came out years and years ago that are well beyond their fully depreciated accounting life that still are generating significant economic value."
"So fair enough, let's look at it this way. There's 10,000 data centers out there, most of which are CPU based. The vast majority of them need to be GPU based. We're about 1,000 to 1,400 of the way into that process. Don't need CPUs where we're going. We need GPUs."
"If you look at the value from these agents, you are starting to see glimmers of labor displacement. We're still in the labor productivity part of the curve, by the way, which means that people are far more productive. It's creating more work for everybody."
"You see glimmers of labor displacement, like I mentioned with agentic wealth management. You're starting to see agents that can do discovery better than an adviser, interactive discovery. How much are you willing to pay for that? A lot. Because it allows you to focus your people on higher value added activities and upskilling."
"Why wouldn't you spend $5,000 on an agent that can do SDR work, sales development representative work, that would otherwise cost $60,000, $80,000 or $120,000? Your willingness to pay would be $5,000, $10,000, $20,000, $25,000, so long as it adds value versus the opportunity cost. So that demand will be big."
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