When the frontier rolls, who falls?

The index gives the trigger a number: a 1.7x frontier step cuts composite retention from 74.4% to 43.7%, and the H100 mark from 72.0% to 42.3%. This page maps where that repricing lands.

The order of impact is structural. First, secondary prints gap to the new ceiling — dealers mark used Hopper down within weeks. Second, collateral coverage on GPU-backed facilities compresses: the sector carries more than $20bn of debt secured by fleets whose appraised values follow exactly the curve this index publishes. Advance rates and reserve tests built on six-year useful lives meet a market that just shortened them. Third, the equity of fleet owners absorbs what the collateral tests don't — neocloud equity is a leveraged claim on residual value. Fourth, and slowest, the hyperscaler P&L: depreciation schedules catch up to economic life through impairments and shortened useful-life estimates, the way Amazon already shortened a server subset in 2025.

Hyperscalers moved from self-funding to raising incremental debt equal to 32% of capex — so even the deepest balance sheets now transmit some of this into credit markets rather than absorbing all of it in equity.

Generation attribution is an ANTIKYTHERA judgment on sourced facts: facilities attach to the generation band of the collateral fleet at financing. Src numbers resolve in the Sources section below.

Every row above cites by number. Facts carry a URL and an access date; judgments are labelled as judgments; the $176bn depreciation-understatement figure is a third-party claim, recorded as opinion.