Nothing here alleges misconduct by any exchange, index provider, consultancy, research firm, model provider or application company named, and nothing describes any firm’s actual positions, costs, margins, contracts or hedges. Section 01 characterises what a set of published documents does and does not address; that is a reading of each document against one question, not a criticism of its purpose, and the consulting and FinOps material discussed was not written to address risk transfer. The two repricing events in section 03 are described from the companies’ own published notices and are discussed as risk events rather than as conduct.

Quotations are verbatim from the cited documents as published. The stylised buyer uses round numbers chosen for arithmetic and is not a forecast or a model output. Producer heat rates are from a single published benchmark on one model and one serving stack; the H100 rent and blended token price are August 2026 reference prints carried over from The Compute Crack Spread. Instrument details are as publicly announced and several remain pending regulatory review. Nothing here is investment, legal, tax or procurement advice, or a recommendation of any instrument, venue, provider, strategy or contract term. Research and education, not investment advice.