Why would you want to invest in a consumable asset class?
Even if Nvidia hit a wall and can't outclass its old chips they still have a significant experation date on them since using them in data center situations destroys them over relatively short time frames for finance (a few years).
Note that for an asset class the fact that they can last longer isn't important, if they are fungible it means investors need to predictably know the lifespan which requires pessimistic usage assumptions.
Even if Nvidia hit a wall and can't outclass its old chips they still have a significant experation date on them since using them in data center situations destroys them over relatively short time frames for finance (a few years).
Note that for an asset class the fact that they can last longer isn't important, if they are fungible it means investors need to predictably know the lifespan which requires pessimistic usage assumptions.
The pitch is that, if you know you'll need a certain amount of compute at a certain point in the future, you can lock in the rental price today.
https://www.cmegroup.com/media-room/press-releases/2026/8/11...