Luria: Falling GPU rental prices could trigger systemic AI debt defaults
Gil Luria · AI Bubble Special Report: Debt, Depreciation, and Losses — With Gil Luria · Nov 17, 2025 · at 12:38
Gil Luria, Head of Technology Research at D.A. Davidson, warns about the macroeconomic contagion risk of debt-financed AI data centers.
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“If we are here two years from now and there's hundreds of billions of dollars of debt, And the demand for AI stabilizes, or we built enough data centers to support the demand we have at that point in time, and the price for leasing pieces of AI for renting access to GPUs goes down. All of those assets then can't pay enough to pay the interest expense on that debt. All of that debt defaults at once. Now we're talking about systemic risk.”
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