Thesis book

The debt behind the machines

The hyperscalers' lease obligations, what a used GPU fetches as collateral and the term premium of the money underneath.

Heat 64/1001 thesis

The side the house takes

The case against it

GPU collateral loses value faster than the loan

Will a $500 million GPU-backed loan go bad by 2027?The house's side: The case against it

Thesis, sides and Parts from the DeepStack engine, data as of Nov 10, 2026. Analysis and opinion, not investment advice.

The Parts filed under this thesis, newest first.

The Call The risk off the books is still rising.

The Call The seller finances part of the demand

The Call Lenders are mispricing scarcity

$1.12 trillionPart 17
Leases signed but not yet begun at Microsoft, Oracle, Meta, Amazon and Alphabet, mid-2026
$28 billionPart 17
Approximate threshold of Meta's residual value guarantees on the Hyperion venture, June 30, 2026, with no liability recorded
59.6 daysPart 16
Days of sales Nvidia was owed at July 26, 2026, from 45.4 at April 26
$15.1BPart 16
Receivables above Nvidia's April collection pace, July 26, 2026: 15.7% of the quarter's revenue

Measurable outcomes, not a vote on the whole thesis. One card per event, the whole ladder on it.

Implied = the midpoint of bid and ask, in c. YES and NO are buy prices; they include the spread.

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