Nvidia is losing margin to the compute marketplace it created.

TechCrunch argues that by proving compute's value, Nvidia created a market where neoclouds and power providers capture rents on the periphery while Nvidia carries the R&D burden. Commoditizing the sale of GPU-hours decouples chip margin from compute margin. The practical read for builders: inference price competition has more room to run than chip pricing implies. Plan your unit economics on prices falling further.