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The hardware replacement cycle is much longer than you’ve implied. Servers I am building today will still be TCO-positive for 15 years. In 2010 Google data centers would still have been full of their first generation dual-socket Opteron machine.

I will happily stand corrected, because I was only implying based on very limited awareness. I am only directly familiar with workstations, where I've seen replacements occur on the order of 4-7 years, not servers or entire datacenters. However, everything I read seemed reinforce an idea that servers follow a similar pattern. Maybe I was just wildly misinterpreting?

With the relative stagnation in per-core performance since about 2010 I could easily see something built then expecting to last to 2025, power consumption improvements nonwithstanding.

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