“Okay, there's all these GPUs going into production. NVIDIA is going to sell well over 3 million total GPUs next year, over a million H100s this year alone. There's a lot of GPU capacity coming online.”

Nvidia's data-center GPU shipments were already ~3.76 million units in 2023 per TechInsights and rose further in 2024 (toward roughly 4 million) as data-center revenue more than doubled, with Omdia estimating Microsoft alone bought ~485,000 Hopper chips in 2024 and Meta, ByteDance and Tencent 224,000–230,000 each. Shipments comfortably exceeded the 'well over 3 million' bar.