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the ai-is-overbuilt crowd has never tried to buy an h100 this quarter
spending a week trying to buy h100s right now means: 12-month commit at aws (24/7 utilization locked in before you see a single gpu), gcp waitlist with no eta, lambda and coreweave both sold out, every smaller provider giving you the same answer in different words
hyperscaler construction is measured in years, cpu shortages are stalling the gpus that do exist, and demand continues to grow while the hyperscalers file permits
seed-stage ai teams are spending 70-80% of their runway on compute before a single user touches the product. $700k/month against a waitlist
the gpus already exist. running idle in the data centers and mining farms the hyperscalers don't own, at below 20% utilization. no hyperscaler is going to rent you their competitors' hardware
the next h100 you rent isn't coming from aws