I think you're missing the point: H100 isn't going to remain useful for a long time, would you consider Tesla or Pascal graphic cards a collateral? That's what those H100 will look like in just a few years.
Any asset depreciates over time. But they usually get replaced.
My 286 was replaced by a faster 386 and that by an even faster 468.
I’m sure you see a naming pattern there.
That's why "those chips are very valuable" is not necessarily a good way to value companies - and it isn't if they can extract the value from the chips before they become worthless.
> But they usually get replaced.
They usually produce enough income to cover depreciation so you actually have the cash to replace them.
Given that inference time will soon be extremely valuable with agents and <thinking> models, H100s may yet be worth something in a couple years.
How much was your 286 chip worth when you bought your 486?