Tether CEO Paolo Ardoino has raised concerns about the current expansion model of AI giants, which involves subsidizing computing power to gain user scale. In a post on the X platform, Ardoino highlighted that leading AI companies are heavily investing in computing infrastructure to capture market share, resulting in significant capital expenditures. However, he pointed out that the economic depreciation cycle for computing assets like GPUs and servers is only 3 to 5 years, leading to rapid hardware devaluation. Ardoino warned of structural mismatches, such as the disconnect between token prices and the real value of assets, delays in profit realization compared to capital investment cycles, and mismatches between capital costs and debt repayment terms. Additionally, the rise of open-source AI models is diverting market demand and compressing commercialization revenue. He cautioned that these accumulating structural pressures could lead to various operational and financial issues in the future.