Your single-tenant collateral point mirrors the GPU kill-mechanism fiber never faced: the tripwire is already moving, split — Amazon cut server lives from six to five, a $677M nine-month hit, while Meta stretched four to 5.5 in the same window, two sophisticated operators reading the same asset's aging in opposite directions in audited footnotes. GPUs are increasingly pledged as collateral, and shorter depreciation lives raise the drag on cash flow servicing that debt. The levered periphery could break faster than the carriers did, even though the category is structurally safer.