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We do in fact know:

> The chips in the proposed deal were bought or leased by Amazon. They are installed in more than a dozen US data centres across five states, including Nevada and Virginia, the report said.

The "warehouses full of GPUs" thing might be the most absurd of the AI economy conspiracy theories.

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Actually no, the hyperscalers have been saying this themselves. They have bought chips they can’t power on and use because of issues getting enough power and building out data centers. How much of NVidia’s revenue is actually just selling chips that go sit on a shelf somewhere is a closely guarded secret at this point.

If that were the case, the hyperscalers would be ramping down capex, not increasing it.

The not-in-service numbers on the financials are just the normal lag, and have been stable in proportion to capex for years, to well before the start of the boom.

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