> Are Nvidia's customers making a profit from the billions they are spending on GPUs? I don't think so, at least not yet. Yes. NVIDIA's customers are mostly t

> Are Nvidia's customers making a profit from the billions they are spending on GPUs? I don't think so, at least not yet. Yes. NVIDIA's customers are mostly the cloud providers buying tens of thousands of machines each. The latest 8xH100 pods cost almost $400,000 so no one but Facebook and a few other tech giants can afford to buy tons of them without having customers lined up and ready to rent them. If you look at AWS's reserve pricing, a one year contract costs more than the hardware would if you bought it up front. The on-demand pricing is even crazier, if you're lucky enough to find some capacity. NVIDIA's customers are absolutely printing money, it's their customers' customers that are paying for it.