They are profitable to opex costs, but not capex costs with the current depreciation schedules, though those are now edging higher than expected.

Amazingly, the current depreciation overestimates the retained value of GPUs.

In 2023, the depreciation schedule for H100s was 2 years, but they are still oversubscribed and generating signficant income.

Coreweve has upped their depreciation for GPUs to 6 years(!) now, which seems more realistic.

https://www.silicondata.com/blog/h100-rental-price-over-time