Sector · 6 names
GPU clouds
Companies renting GPU capacity, often former bitcoin miners with powered sites, funded with debt against contracts.
What matters here
Funding and customers. These companies borrow against GPUs and multi-year contracts, and a handful of buyers (Microsoft, OpenAI, Google) sign most of the contracts. Growth is fast; the risk is a customer walking away or GPU rents falling before the debt is paid.
Every name in the sector, total return
Total return in USD, on a log scale · grey is semiconductors (SMH)
