> don't see the distinction you're drawing about "commodity"
People pay markedly more for NVIDIA GPUs than they do for others. That opposes the fungibility requirement of a commodity.
People pay markedly more for NVIDIA GPUs than they do for others. That opposes the fungibility requirement of a commodity.
Which is why nobody should claim NVIDIA makes a commodity.
I expect that Google are renting SpaceX NVIDIA GPUs so they can resell to corporate GCP customers at higher rates, but if the AI growth story remains intact then I would expect the GPU-agnostic token demand to be much higher than the NVIDIA-specific rental demand.