David Choi, Co-founder of USDAI | GPU-Backed Debt and the case for the End of SaaS Credit

Описание: AI compute is being built faster than the financial system can finance it. Chips refresh every 24 months, and the debt that funds houses and planes needs decades of data and years to structure. David walks through why he thinks most of DeFi is money lending against money, not real credit.

0:00 From art financing to GPU credit
2:18 DeFi is money market, not capital
3:13 Why CoreWeave bonds are not ABS
5:25 Convertible debt and the miner playbook
6:31 What securitization actually needs
9:03 Hyperscalers versus the Neo cloud tail
9:37 The depth perpetual idea
12:30 Underwriting eight chips, not companies
17:14 Why most RWAs are "toxic waste"
21:11 SaaS credit is dead
23:03 GPU loans as a super sector
26:37 Inside the Nvidia financing gap
30:20 Why only Nvidia chips
33:12 Compute as the next stablecoin
35:31 PYUSD, USDAI, and lowering the rate
38:34 Insurance with Barker and Munich Re
40:13 Internet capital markets versus margin
42:25 Where on-chain credit actually wins