A financing model needed for GPUs

India has just made the cloud giants a bold offer: Run your global business from Indian soil and pay almost no tax on it for close to 20 years. It is a smart move, but quietly skips the hardest question of all. A modern data centre is no longer a building with some servers. It is a very expensive pile of chips that sit inside a building. The offer takes care of the tax on tomorrow’s profits. It does nothing about the cost of the chips that create them.