Dazi AI Watch 008: The Depreciation Trap — Will AI Compute Devour Big Tech Profits?

AI spending is still surging, but the real risk may not be fading demand. It may be depreciation. This episode looks at how massive capex, falling compute utility, and the mismatch between accounting life and commercial life could pressure profits, cash flow, and returns across the AI stack.Price is the result. Variables define the stage. Don’t predict price. Observe the cycle.