Compute: chip fab → HBM and packaging → GPU owners (hyperscalers, neoclouds) → rental price indices (Silicon Data, Ornn, COIL) → exchanges (CME, ICE) → buyers (labs)
CoreWeave has not funded a dollar of its GPUs from operations
A case study of the largest GPU rental business: what it earns, what it owes, and what the credit market is really pricing.