@stas I am sorry if my post came across as out of context, this was never the intent.
Using the steps mentioned in the article I posted, one can complete fast.ai lesson 1 on Google Colab without any error. I have personally verified it 3-4 times on different colab instances. Clouderizer setup allows us to run fast.ai lessons on Jupyter notebook (rather than Colab notebook) and hence we can use original fast.ai Github version notebooks without any changes.
I am not sure if Tesla K80 GPUs available in Colab are limited. I took a dump of nvidia-smi from colab instance Jupyter Terminal and compared it with GPU usage of same fast.ai project running on an AWS p2.xlarge spot instance. GPU memory consumption and utilizations were pretty similar between the two. Training speed on both machines was very close as well.