Dour warnings of an AI bubble have rocked markets in recent weeks. At least one big concern is misplaced, though. Back in March, I told you about depreciation risks for some AI companies, including CoreWeave. In August, Jim Chanos, the guy who shorted Enron, shared similar concerns . The big worry centers on GPUs , the chips needed to train and run AI models. As new GPUs come out, older ones get less valuable, through obsolescence and wear and tear. Cloud companies must use depreciation to