A Bloomberg MacroScope column by Simon White argues that the financialization of GPUs poses a nascent risk to the economy and markets.

The financialization of GPUs, creating debt instruments backed by them, represents a nascent risk to the economy and financial markets.

A new financial innovation involves creating debt securities collateralized by GPUs, similar to how mortgages were securitized before 2008.

There has been $65 billion worth of GPU-backed debt deals so far this year.

Neocloud companies like CoreWeave are collateralizing their debt with GPUs to fund the construction of massive data centers.

A futures market for GPUs is expected to launch soon, which will enable investors to short the asset class.

Michael Burry has argued that hyperscale cloud providers are not adequately accounting for the depreciation of their GPU assets.

Approximately $65 billion worth of deals involving debt backed by GPUs as collateral have been completed year-to-date.

Companies like CoreWeave, referred to as "Neo Clouds," are using GPU-collateralized debt to finance the construction of large data centers.

A futures market for GPUs is set to launch soon, which will enable investors to short the assets.

Investor Mike Burry has argued that hyperscalers are not properly accounting for the rapid depreciation of their GPU assets.