[Octoth0rpe]

Throwing out another factor: Chinese companies have been banned and/or limited from buying nvidia, and turned to local companies for their hardware. I haven't actually seen pricing/benchmarks comparing Chinese AI accelerators, but it wouldn't surprise me if that also worked out in their favor as well.

[lokar]

And, possibly, state subsidies at every level.

[Schlagbohrer]

I have to point out the massive state subsidies in the united states for the tech companies and datacenter builders.