I would assume it is for their own use, not for people wanting the XServe to come back with M4 Ultra (i.e. me...).
Apple's obsessive focus with raster efficiency really shot their GPU designs in the foot. It will be interesting to see if they adopt Nvidia-style designs or spend more time trying to force NPU hardware to work.
That said, an M4 Ultra (extrapolating from Max and Pro) would likely compete with my 3090, and with 192GB of memory (for 10x the amount it should cost) will out perform my 3x3090 AI server. And honestly, cost less than my 3 3090s + rest of the computer + electricity.
It won't outperform a bunch of A/H 100s (or even a single one, or any other cards in the enterprise realm) though, but it will cost an order of magnitude less than a single card.
inference is not the same as training.