This has been developing for a while... The big players have basically been competing for allocations of a set production, so NVIDIA negotiated into the allocations that some % of the compute capacity they "sell" them is reserved and exclusively leased back to NVIDIA.
So now NVIDIA has a whole bunch of cloud infrastructure hosted by the usual suspects that they can use for the same type of business the usual suspects do.
I hate to be cynical, but I've seen such leaseback schemes used to inflate sales. Is that the case here? Or is there enough demand or legit usage to justify this kind of arrangement?
It's just another kind of leverage. There's no problem, until there is, and then it's bigger than it would have been. Once all of their sales are leasebacks, you'll know it's about to go boom (of course they won't announce that in their reports).
So now NVIDIA has a whole bunch of cloud infrastructure hosted by the usual suspects that they can use for the same type of business the usual suspects do.
well played tbh