Resource sharing moves the capital problem; it does not eliminate it

Using spare computing capacity sounds capital-light. In one sense it is: the network does not need to purchase every machine. In another sense, the assets still exist, still depreciate, still consume energy, and still need maintenance. Someone owns those risks.

The interesting question is not whether distributed capacity removes capital intensity. It is where the capital intensity goes, who gets paid for carrying it, and what level of utilization makes the arrangement worthwhile.

A marketplace can improve utilization without making the underlying assets free. It redistributes the economics.

That can still be valuable. It just needs to be described as a different capital structure rather than the absence of one.