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Probably because they are after a lot of fast, local storage, and _that_ is where rented ML infra providers will sting you.

Edit: could also just be more-money-than-sense. Never discount stupidity.

Hardware can be resold, and bought 2nd hand also.

The 4090 will likely maintain 50% of its current value due to its memory capacity over the next 12-18 months.

CapEx vs OpEx is a thing even if you are not a business…

Why do you think RoI is better when infra is rented?

I mean, at some point someone has to buy them to be able to offer services on them to others. Renting comes with certain limitations owners don't have. And some people have too much money to not invest in fun.