The cleanest arithmetic in the whole debate sits in CoreWeave's Q1 2026: adjusted EBITDA roughly $1.16 B, depreciation and amortization roughly $1.15 B – a near‑exact offset – leaving a net loss about $740 M after roughly $536 M net interest. My scorecard flags the ~56% headline EBITDA margin evaporating once chip depreciation and debt cost are counted, and notes that any structural positivity hinges on an unresolved shortage and on whether a six‑year GPU depreciation schedule is honest.