>documented hardware hoarding

If you read the actual quote, all they say is that Microsoft isn't bottlenecked by GPUs. The "hardware hoarding" angle is just editorialization by the writer of the article.

  >“The biggest issue we are now having is not a compute glut, but it’s power – it’s sort of the ability to get the builds done fast enough close to power,” Nadella said. “So, if you can’t do that, you may actually have a bunch of chips sitting in inventory that I can’t plug in. In fact, that is my problem today. It’s not a supply issue of chips; it’s actually the fact that I don’t have warm shells to plug into.”

  >His comments echo those made by Microsoft’s CFO Amy Hood on the company’s Q1 2026 earnings call last week, where she told analysts that access to compute hardware has not been a constraint for the hyperscaler

Nothing about GPUs sitting on a shelf somewhere.