The cleanest arithmetic in the whole debate sits in CoreWeave's own Q1 2026 results: adj EBITDA ~$1.16B, D&A ~$1.15B — near-exact offset — leaving ~$740M net loss after ~$536M net interest. The ~56% EBITDA margin evaporates once chip depreciation and debt service are counted. Adversarial verification killed three pricing claims including the 95% re-rent anecdote (refuted zero-for-three). Spot prices rebounded; contract rates stay contested. A spread that lives on shortage is revenue. It is not a moat.