One thing that I'm not seeing mentioned very frequently is that it's really hard to actually get the GPUs that hyperscalers advertise depending on your region, use of cloud credits etc.

On Azure if you have credits (even hundreds of thousands of USD of credits through programmes like MSFT for startups) you just can't get any GPU quota in any region, even if you beg and plead with support reps. Even if you have cash it's often difficult to get any of the cheaper cards. You can forget about spot instances etc because the regions are essentially all at 100% capacity.

I've heard on other hyperscalers that it's also challenging.

This is super chilling for anything other than GenAI inference/training because if you have some more traditional workload that requires GPUs (traditional ML, other kinds of modelling) you're SOL.