I found myself confused about what they actually do. They sell you a server rack + software stack that you keep on-prem? The comparison between traditional cloud vs. on-prem vs. oxide is vaguely worded and I can't figure out if their hardware is physically stored on-prem or not.

Maybe I'm just tired!

Yup, it’s a rack+software. My understanding is that you get all the convenience of the cloud, but the hardware is yours

yes, goes on the customer premises, or their colocation facility of choice