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How does SageMaker support multi model endpoints and model versioning for cost efficient deployment at scale?

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SageMaker multi model endpoints let you host many different models behind a single endpoint, dynamically loading each model into memory only when it is actually requested and unloading less frequently used models to save resources, which is significantly more cost efficient than deploying a separate dedicated endpoint for every single model, especially useful when you have hundreds of similar models, such as one per customer.
aws sagemaker create-model --model-name multi-model-example --primary-container Image=xgboost,ModelDataUrl=s3://my-bucket/models/,Mode=MultiModel
Real-world example A company offering personalized pricing models for thousands of individual retail clients uses a SageMaker multi model endpoint to serve all of those models cost effectively from shared infrastructure, rather than paying for thousands of individually running endpoints.

Common follow-ups: What are the tradeoffs of multi model endpoints in terms of latency for infrequently used models?;How does model versioning work when updating one of many models behind a multi model endpoint?