You’d assume that such a company would be a thriving, healthy business. And yet, a cursory glance at its financial disclosure documents reveals a business that’s precarious at best, and, in my most uncharitable opinion, utterly rancid. If this company was in any other industry, it would be seen as such. Except, it’s one of the standard bearers of the generative AI boom, and so, it exists within its own reality distortion field.

Off to a good start
https://www.wheresyoured.at/core-incompetency/

@volpeon Reading into this. Its very grave. Like having very few actual customers, using their inventory in GPUs as collateral and having loans with interest that is midly said very high. (Imagine paying 14% Interest per anno!)

You can generally use the thing you bought as colleteral for the loan which bought the thing. Its kinda expensive though and you *rely* on the thing to make money to pay itself off plus all costs it produces.

How to built a company on sand or rather Venture Capital with very commodity stuff like GPUs.

@volpeon Oh my how does this get even worse? Their second loan has something of loan-sharking. Imagine having interest that grows as you go less solvent... I know venture capital is risky and cutthroat business but they sure got the knifes out