Tether CEO: AI Industry Faces Multiple Capital Mismatch Risks, Profit and Investment Cycles Are Severely Misaligned

Odaily Odaily reports that Tether CEO Paolo Ardoino stated that in the current AI industry, large tech companies are expanding their user base by subsidizing computing power. However, this strategy relies on high capital expenditure (CAPEX)-driven infrastructure expansion, and the related assets typically depreciate rapidly within 3 to 5 years.

Paolo Ardoino pointed out that this model is creating multiple structural mismatches, including: a mismatch between token price and true value, a mismatch between profit cycles and capital investment cycles, a mismatch between capital cost and debt maturity, as well as the trend of open-source AI continuously eroding revenue space.

Paolo Ardoino believes that under the叠加 of these structural pressures, industry risks are accumulating, and he questions, "In such a structure, what could go wrong?"