HeyJaredData Gravity
Essential insights for founders and practitioners navigating the data and infrastructure software landscape.
- Indexed issues, last 90 days
- 14
- Latest publication
- Sep 28, 2026
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- Jul 24, 2026
Latest issues
How Nvidia Franchised the Cloud (opens the original)
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Nvidia gives away the software you need to run an inference cloud: TensorRT-LLM, Dynamo and NIM, plus the open-source vLLM and SGLang that it contributes to. The franchisee buys the GPUs and brings the data center. That is Nvidia’s franchise model: Nvidia supplies the technology stack, and someone else supplies the capital, power and operations.Google, AWS and Microsoft own all three layers of their clouds: the data centers, the compute and the software. Nvidia’s franchisees, such as CoreWeave,
The GPU Depreciation Curve Is Broken (opens the original)
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Special thanks to Wayne at Ornn for the data behind this piece.Thesis. This summer’s GPU shortage split the market in two. Old GPUs are holding their value. The newest GPUs earn a scarcity premium that the market expects to fade. Memory appears to decide which side a chip lands on.Old GPUs are holding their value. By Ornn’s estimate, an H100 bought a year ago resells for more than it cost and has returned 76% including rent. A five-year A100 rental is priced at 80% of the one-month rate.<p
How Long Does a GPU Last? (opens the original)
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In briefThe hardware lasts longer than either side of the depreciation debate assumes. The operators have the fleet data.A GPU’s earning power is front-loaded in a way no hyperscaler’s depreciation schedule reflects.Hyperscaler margins are being flattered right now, but not because six years is too long.<a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!tRc6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpubli
The 10 Companies AI Can't Scale Without (opens the original)
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In briefTwo kinds of chokepoints: technology monopolies and capacity monopolies. ASML owns the first kind. Blackstone has assembled the largest position in the second. None of the ten can be routed around inside 24 months.Growth is fastest and margins highest, where the substitute is also sold out. Today that is memory.NVIDIA’s supply chain guidance shows the value growing in lower layers. The two layers below memory have the longest cure times in the chain and have not been repriced.<a class="i
How the GPU Became Collateral (opens the original)
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Bottom lineGPU debt went from ~14% private credit in 2023 to A3 / SOFR+225 in 2026. More than $20B of GPU-backed facilities have been announced.The market learned that the real collateral is contracted cash flow. CoreWeave can borrow at +225 against a hyperscaler and +450–550 against weaker customers, using broadly the same hardware.The system looks diversified but may not be. Customers prepay, lenders finance the middle, and Nvidia and Google increasingly insure the tail. Yet all of them ultima
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