NVIDIA’s Older GPUs Still Earn Rent. What That Does and Doesn’t Prove for CoreWeave

NVIDIA Corporation's older GPUs continue to generate rental income, but CoreWeave is unsure if that translates into profits. The September 7 settlement determined that NVIDIA's H100 SXM accelerators are worth $3.17 per GPU-hour, while its A100 SXM4 are worth $1.05. However, CoreWeave's financial results for the second quarter of 2026 show a net loss of $626 million despite $2.575 billion in revenue and $1.510 billion in adjusted EBITDA.

The rental income must cover power, facilities, operations, financing, and hardware costs, which can make the accounting distinction between rental income and depreciation assumptions crucial. NVIDIA benefits from the longevity of its products, but CoreWeave's success depends on whether its customers can generate enough revenue to offset the costs of owning and operating the equipment.