{
  "_schema_version": 1,
  "as_of": "2026-06-04",
  "license": "CC-BY-4.0",
  "headline": "GPU owners depreciate at ~19.5%/yr (disclosed); SpotWire measures the secondary market falling far faster.",
  "disclosed_gpu_owner_median_rate_pct": 19.5,
  "method": "Top-down: SEC 10-K/20-F disclosed server useful lives -> straight-line rate, plus implied D&A/gross-PP&E. Bottoms-up: SpotWire eBay sold-comp annualized decay (calendar-correct, multi-year via backfill).",
  "measured_secondary_decay": [
    {
      "hardware": "A100 80 PCIe",
      "spotwire_measured_annual_decay_pct": -54.5,
      "reliable": true,
      "n_comps": 56,
      "r2": 0.248,
      "gap_vs_disclosed_pct_points": 35.0
    },
    {
      "hardware": "A100 80 SXM4",
      "spotwire_measured_annual_decay_pct": -28.2,
      "reliable": true,
      "n_comps": 84,
      "r2": 0.366,
      "gap_vs_disclosed_pct_points": 8.7
    },
    {
      "hardware": "V100 32 PCIe",
      "spotwire_measured_annual_decay_pct": -36.5,
      "reliable": true,
      "n_comps": 264,
      "r2": 0.841,
      "gap_vs_disclosed_pct_points": 17.0
    },
    {
      "hardware": "H100 80",
      "spotwire_measured_annual_decay_pct": 0.6,
      "reliable": true,
      "n_comps": 88,
      "r2": -0.001,
      "gap_vs_disclosed_pct_points": null
    }
  ],
  "disclosed_accounting": [
    {
      "ticker": "HPE",
      "company": "Hewlett Packard Enterprise",
      "sub_cohort": "server_oem",
      "fiscal_year": 2025,
      "useful_life_years": null,
      "straight_line_rate_pct": null,
      "implied_depr_rate_pct": 21.67,
      "useful_life_change": null,
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1645590/000164559025000130/hpe-20251031.htm"
    },
    {
      "ticker": "AMZN",
      "company": "Amazon",
      "sub_cohort": "hyperscaler",
      "fiscal_year": 2025,
      "useful_life_years": [
        5,
        6
      ],
      "straight_line_rate_pct": 18.2,
      "implied_depr_rate_pct": 12.31,
      "useful_life_change": {
        "from_years": 5.0,
        "to_years": 6.0
      },
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm"
    },
    {
      "ticker": "NBIS",
      "company": "Nebius Group",
      "sub_cohort": "neocloud",
      "fiscal_year": 2025,
      "useful_life_years": [
        4,
        5
      ],
      "straight_line_rate_pct": 22.2,
      "implied_depr_rate_pct": 6.64,
      "useful_life_change": null,
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/nbis-20251231x20f.htm"
    },
    {
      "ticker": "ORCL",
      "company": "Oracle",
      "sub_cohort": "hyperscaler",
      "fiscal_year": 2025,
      "useful_life_years": [
        5,
        5
      ],
      "straight_line_rate_pct": 20.0,
      "implied_depr_rate_pct": 6.49,
      "useful_life_change": null,
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1341439/000095017025087926/orcl-20250531.htm"
    },
    {
      "ticker": "IREN",
      "company": "IREN Ltd",
      "sub_cohort": "neocloud",
      "fiscal_year": 2025,
      "useful_life_years": null,
      "straight_line_rate_pct": null,
      "implied_depr_rate_pct": 8.58,
      "useful_life_change": null,
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884825000063/iren-20250630.htm"
    },
    {
      "ticker": "META",
      "company": "Meta Platforms",
      "sub_cohort": "hyperscaler",
      "fiscal_year": 2025,
      "useful_life_years": [
        5,
        5
      ],
      "straight_line_rate_pct": 19.0,
      "implied_depr_rate_pct": null,
      "useful_life_change": {
        "from_years": null,
        "to_years": 5.5
      },
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm"
    },
    {
      "ticker": "CRWV",
      "company": "CoreWeave",
      "sub_cohort": "neocloud",
      "fiscal_year": 2025,
      "useful_life_years": [
        6,
        6
      ],
      "straight_line_rate_pct": 16.7,
      "implied_depr_rate_pct": 7.23,
      "useful_life_change": {
        "from_years": 5.0,
        "to_years": 6.0
      },
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000104/crwv-20251231.htm"
    },
    {
      "ticker": "APLD",
      "company": "Applied Digital",
      "sub_cohort": "neocloud",
      "fiscal_year": 2025,
      "useful_life_years": [
        3,
        3
      ],
      "straight_line_rate_pct": 33.3,
      "implied_depr_rate_pct": null,
      "useful_life_change": null,
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1144879/000114487925000021/apld-20250531.htm"
    },
    {
      "ticker": "MSFT",
      "company": "Microsoft",
      "sub_cohort": "hyperscaler",
      "fiscal_year": 2025,
      "useful_life_years": [
        2,
        6
      ],
      "straight_line_rate_pct": 25.0,
      "implied_depr_rate_pct": 7.37,
      "useful_life_change": null,
      "filing_url": "https://www.sec.gov/Archives/edgar/data/789019/000095017025100235/msft-20250630.htm"
    },
    {
      "ticker": "GOOGL",
      "company": "Alphabet",
      "sub_cohort": "hyperscaler",
      "fiscal_year": 2025,
      "useful_life_years": null,
      "straight_line_rate_pct": null,
      "implied_depr_rate_pct": null,
      "useful_life_change": null,
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm"
    },
    {
      "ticker": "SMCI",
      "company": "Super Micro Computer",
      "sub_cohort": "server_oem",
      "fiscal_year": 2025,
      "useful_life_years": null,
      "straight_line_rate_pct": null,
      "implied_depr_rate_pct": 6.58,
      "useful_life_change": null,
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm"
    },
    {
      "ticker": "DELL",
      "company": "Dell Technologies",
      "sub_cohort": "server_oem",
      "fiscal_year": 2026,
      "useful_life_years": [
        3,
        5
      ],
      "straight_line_rate_pct": 25.0,
      "implied_depr_rate_pct": 20.41,
      "useful_life_change": null,
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm"
    },
    {
      "ticker": "NVDA",
      "company": "NVIDIA",
      "sub_cohort": "chip",
      "fiscal_year": 2026,
      "useful_life_years": null,
      "straight_line_rate_pct": null,
      "implied_depr_rate_pct": 16.75,
      "useful_life_change": null,
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm"
    }
  ]
}