CoreWeave is doing the same stuff but with Nvidia. Also using collateral. But CoreWeave did it last year when H100 was way more valuable for collateral than it is today. And CoreWeave has actually been backed up by Nvidia and Microsoft in some funding rounds.

For Nvidia HW there are like 10x as many AI startups doing what TensorWave is doing. TensorWave is going a more risky way to go with AMD instead of Nvidia. Being among few startups might give them a large benefit but it also depends a lot on AMD support in the SW field. I wouldn't bet on that, especially not with AMD HW as collateral.