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Yep some CEO said they have 50K GPUs of the prior generation. They probably accumulated them through intermediaries that are basically helping nvidia sell to sanctioned parties by proxy



Deepseek was there side project. They had a lot of GPUs from their crypto mining project.

Then Ethereum turned off PoW mining, so they looked into other things to do with their GPUs, and started DeepSeek.


Mining crypto on H100s?




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