Nothing here alleges misconduct by any chipmaker, hyperscaler, operator, lender, exchange, index administrator or insurer named. Commercial positions and conflicts described — particularly the vendor-financing discussion — are as publicly disclosed or as reported, and are set out because they bear on who can bear which risk. Figures are as reported at September 2026 and several, including rental rates, capital-expenditure totals and the GPU-debt total, are estimates that vary across sources and should be treated as directional. Where a widely circulated figure could not be traced to a primary source it has been attributed as an estimate, omitted, or flagged in the text. The December 2025 Nvidia–Groq reporting is explicitly contested and is described as both parties characterised it.

Performance specifications are vendor-published and vendor performance claims are labelled as such; independent measurements frequently differ. The cascade worked example is illustrative and rounded, built to show a shape rather than to value any specific fleet. Instrument and regulatory details are as at the date of writing; several contracts remain pending regulatory review and at least one statute described is pending legislation rather than law. Nothing here is investment, legal, tax or accounting advice. Research and education, not investment advice.