>Further, those parties make up an ouroboros of funding, where invested funds quickly come back to investors in the form of cloud compute fees. This allows Amazon, Microsoft, and Google to stomach sky-high valuations for these rounds, as they’re essentially buying marketshare for their cloud offerings. This dynamic is a major barrier standing between you and the latest GPUs.

I don't think cloud compute prices are so far above their costs that this would amount to a huge distinguishing factor.