Building GPU Finance Rails | David Choi from USD.AI

Описание: Nvidia maintains an approved lender list. For years, only global banks made the cut. Then they called David Choi.

David Choi | CEO and Co-founder, Permian Labs (USDAI)

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David Choi is CEO and co-founder of Permian Labs, the entity behind USDAI, a GPU-backed stablecoin and debt financing protocol built to solve one of AI's most overlooked infrastructure problems. Most AI companies are building on the most valuable hardware in history and still can't borrow against it: banks won't lend against GPUs as collateral, private credit charges 20-25%, and there is no standardized securitization market for compute assets. Permian Labs created a Fannie Mae-style model for GPUs, standardizing how hardware debt gets structured and traded so founders can own their infrastructure instead of renting it indefinitely. Nvidia recognized what they were building and added Permian Labs to their approved lender list alongside Blackstone and BlackRock, making them the only startup on a list otherwise reserved for global financial institutions.

Previous Dco Podcast guests include Andre Cronje, Brett Harrison, and Sunny Aggarwal.

KEY MOMENTS
0:00 Introduction
0:50 David's path: from art financing and Deutsche Bank to MEV to AI credit
3:17 The Airbnbing H100 moment: how Permian Labs was built
4:54 Pivot philosophy: 13 iterations, one thesis
7:19 The Fannie Mae model: making GPU debt tradeable
9:58 How USDAI works: loans, service coverage, and interest rates explained
13:26 Why GPUs over Bitcoin mining
18:44 The GPU market, Nvidia's internal policy on chip financing, and the call that changed everything
21:39 Why banks won't lend against GPUs
34:36 The ABS market for compute: how DeFi solves what takes banks three years
39:23 Becoming the Fannie Mae for GPUs
40:22 How Permian Labs secures and verifies physical hardware
53:41 Compute is 80% of every AI cost: the rent vs. own math
1:01:55 How USDAI makes money: origination fees, interest margin, and tokenomics
1:14:48 The SaaS credit apocalypse and GPU financing as the replacement for all credit

❖ David Choi on X: https://x.com/0xZergs
❖ Permian Labs: https://usd.ai

❖ Saurabh Deshpande on X: https://x.com/desh_saurabh

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