Ed Zitron has been saying it. Some people love him and some people hate him.

Satya Nadella said last year they have GPUs sitting that they can't use because the data centers don't exist.

https://redmondmag.com/blogs/generationai/2025/12/microsoft-...

That sounds like horrible planning. Build the data center and when it is 90% complete then order the GPUs. The theory is that Nvidia says buy now or get nothing later.

What the Wall St Journal is saying is that Nvidia basically has an oversupply of GPUs that they are committed to buying from TSMC. The hyperscale companies are designing their own AI chips so they don't want as many Nvidia chips. So Nvidia is giving startups money to buy Nvidia chips in exchange for equity in the startup.