Blue Owl limits exposure to uncertainty over GPU depreciation

Blue Owl says it does not claim to have a crystal ball on GPU depreciation or future GPU values, despite taking note of evidence that older models such as A100s can remain highly utilized and generate revenue.

The firm says its investments are structured with relatively short duration and matched to the underlying contracts of the AI companies it finances. It also evaluates IREN at the company level rather than basing the investment solely on assumptions about future GPU depreciation.

Blue Owl says it is generally bullish on GPUs, while acknowledging that depreciation remains an important consideration and that future rates and the value of specific GPU generations are uncertain.