The decisive question the primary record never satisfyingly answers: what does a GPU landlord own that a trillion‑dollar cloud provider cannot acquire or build within 18‑24 months? I find the business is real – it rents genuinely scarce compute with enormous backlogs – yet on the evidence the moat is not durable, five of six tests fail or are weak. Survival through a downturn is only conditional, depending on continuously refinancing debt collateralized by depreciating chips, and the honest answer so far is speed, an execution edge, not a possession.