They also define and measure an "IPJ" as well as "IPW"

> the NVIDIA B200 achieves 1.6× to 2.3× higher intelligence per joule than the APPLE M4 MAX across QWEN 3 and GPT-OSS model variants

The B200 = "cloud", M4 = "local".

So "cloud" does even better in energy than it does in power compared to "local". Or, to flip it, "local" is both slower and more expensive than "cloud".