Svmuu News: Paolo Ardoino, CEO of Tether, stated that in the current AI industry, large tech companies are expanding their user bases by subsidizing computing power, but this relies on infrastructure expansion driven by high capital expenditures (CAPEX), and the related assets typically depreciate rapidly within 3 to 5 years.
Paolo Ardoino pointed out that this model is creating multiple structural misalignments, including: a mismatch between token prices and real value, a mismatch between profit cycles and capital investment cycles, a mismatch between the cost of capital and debt maturity, and a trend where open-source AI continues to erode revenue potential.
Paolo Ardoino believes that, under the combined weight of these structural pressures, industry risks are mounting, and he asks, “In such a structure, what could go wrong?”