The 4090 I bought in '23 is selling for ~3x what I paid for it now in late '26. There's a huge squeeze going on with computer hardware using relatively cheap borrowed money. Relatively cheap money is flowing into a (artificially?) limited GPU/memory asset class. And this asset class is growing much faster in value than the interest on that money. So if you borrowed heavily to buy GPUs in the prior 3 years, you're likely coming out well ahead even if you are paying 8 to 10% on the money.

That dynamic will fuel further borrowing until we get to some kind of equilibrium, or some kind of washout occurs where interest rates spike higher and/or the value of GPUs and GPU services start leveling off or even declining. We might get a test soon as the FED has started hiking.