Subject: Re: CDS and hyperscaler lending
Maybe they should be called subscalers rather than hyperscalers? The attractions of the firms was traditionally that their unit economics improved with size: not much incremental capital required to support an incremental user. But this now may not only have ceased being true, but even gone into reverse in some cases. Though perhaps only for a while, who knows.

And their past unit economic improvements were largely from growing their individual (quasi-)monopolies. Whereas their massive AI investments are largely to compete with each other in similar markets, apparently.