I’m not a finance bro, but my read is that Amazon wants to focus more on *using* GPUs and focus less on finding financing for buying GPUs.

They’re trying to convert GPUs into an investable commodity asset, just like crude oil is, for example.

Rough analogy: You have oil producers (Nvidia), refineries (AWS) and end-users (all software that uses AI).

If they're wanting to focus on using GPUs instead of playing finance games, then why are they spending all the time playing finance games on $8B when they've got >$100B cash on hand?

> focus less on finding financing for buying GPUs

This is them focusing more on financing on GPUs.

Not sure I understand this hypothesis. GPUs age like leftover dinner unlike crude oil...

Replace oil with wheat, then - it can be stored for a few years, but it’s still perishable. Yet it still trades on commodities markets.

Not only that - technological obsolescence