Token-based Computing Power Reselling Diagram

Strengths

• Lowering customer entry barriers via Token-based billing
• Improving gross margins by repurposing upstream idle capacity
• Enhancing resource utilization through platform-based scheduling

Weaknesses

• Upstream GPU supply constrained by NVIDIA and IDCs
• Profit compression due to price wars
• Low customer switching costs

Opportunities

• Surging AI inference demand driving Token consumption growth
• Domestic computing power voucher subsidies reducing customer acquisition costs
• Trend of SMEs shifting from renting GPUs to renting Tokens

Threats

• Upstream computing power price volatility squeezing resale margins
• Cloud giants directly offering Token-based billing models
• Supply glut caused by massive underutilization in computing centers