Most of the GPUs that have been sold haven't been plugged in because there isn't enough electricity in the world

GPU scarcity is a really poor proxy for the health of the AI market. I don’t know if I should be surprised that someone so bullish about it doesn’t understand this.

Did you read the OP? Because Nvidia gave money to people who aren't you, so those people could give the money back to Nvidia for GPUs. In other words they gave away all of their GPUs in exchange for stakes in startups, because they were betting that VC hype and the perception of high demand generated from doing so would be worth more than selling GPUs normally.