Lease deals like this tend to be structured as an amortizing loan over 3-5 years. They also probably did not finance the entire value, but the entire value will be collateral. If they financed, say, 70%, then a couple years in the remaining exposure may be well under 50% of original price; four years in, they likely need only a low recovery to become whole.
That's precisely my point - even very conservative financing you're looking at collateral value that falls off a cliff in what a year vs a 3-5 year loan.
Worse the collateral side of the equation is currently in max AI hype bubble frenzy pricing while the loan is well what it says.
Very much feel like we're getting half the story...specifically the part that makes for good PR "Look at us we have lots of H100s and they're really valuable".
