It's not clear how much of the latest chips have even made it on-line yet.

The claims of many GW of installed training/inference have come under scrutiny lately. The first VeraRubins aren't even there yet, so it's all GB300 NVL72s as the peak performers and probably <<1GW of those so far. Even xAI Colossus is mostly H200s and B200s.

Electricity costs are also a huge differentiator. When drawing 100kW the difference between >50cents and <10cents per kWh is pretty big! One is almost $0.5M and the other is less than $100k.