I don't think compute is a commodity. The calorific value of gasoline or diesel is fixed. Meanwhile, tokens generated per watt depend on so many factors (networking, PUE, the type of chip, inference framework, etc.) Different vendors can get vastly different tokens per watt even on the same hardware for a particular model (DeepSeek's infra efficiency). Microsoft could shift its workloads from A100s to newer hardware for multiple reasons (a new model that runs much more efficiently on Blackwell or Hopper).
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