Ad-revenue backed debt vs hardware obsolescence

I keep coming back to one detail in Meta's bond deal last fall. Thirty billion raised, order book north of a hundred billion, and part of that paper runs forty years. Forty. Meanwhile the servers get depreciated over five or six, and Nvidia ships a new architecture basically every year, so whatever that cash buys is scrap decades before the bond comes due. So what was the lender actually lending against? Not GPUs. Nothing in that building exists in 2065. They were lending against Instagram still printing ad revenue in 2065 — the hardware barely enters into it. And it's a fine trade for them, honestly. Say Blackwell turns out to be a three-year asset instead of six. Nobody defaults on that. Equity eats the writedown, the coupon still shows up, because credit sits above the whole experiment and gets paid first. What bugs me is who's on the other side. Forty-year corporate paper gets bought by life insurers and pension funds with long liabilities to match — that's basically who it's built for. Which means the biggest pools of real money standing behind "AI capex is sustainable" don't actually need it to be.