Tether CEO questions AI giant's reliance on subsidies for growth: may aggravate the risk of mismatch between capital structure and profit cycle

On July 4, Tether CEO Paolo Ardoino issued a document stating that large technology companies in the AI industry currently subsidize computing power to expand user size, but behind them they rely on infrastructure expansion driven by high capital expenditures, and related assets are usually Degraded rapidly within 3 to 5 years, this model is creating multiple structural mismatches, including: The mismatch between token prices and true values, the mismatch between profit cycles and capital investment cycles, the mismatch between capital costs and debt maturity periods, and the continued trend of open source AI to erode revenue space. Under the above structural pressures, industry risks are accumulating, and questions are raised that "problems may go wrong in such a structure."