the mostly real supply constraint of GPUs allows labs to skim off the top of capital expenditure to participate in talent wars for the long tail of talent which is mostly artificial SF housing supply constrained
e.g. if you raise to buy 100k GPUs but then buy 1 less GPU than you planned, you can hire 2 more recruiters or AEs over your competition
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this ofc necessitates higher valuations to raise like that
SF artificial housing supply constraints prop up your big valuations
the mostly real supply constraint of GPUs allows labs to skim off the top of capital expenditure to participate in talent wars for the long tail of talent which is mostly artificial SF housing supply constrained
e.g. if you raise to buy 100k GPUs but then buy 1 less GPU than you planned, you can hire 2 more recruiters or AEs over your competition