0%|                                                                                                                             | 0/189 [00:00<?, ?it/s]
 [deepscale] OVERFLOW! Rank 0 Skipping step. Attempted loss scale: 262144, reducing to 262144
  1%|▌                                                                                                                    | 1/189 [00:00<01:26,  2.17it/s]
 [deepscale] OVERFLOW! Rank 0 Skipping step. Attempted loss scale: 262144, reducing to 131072.0
  1%|█▏
 []
 [deepscale] OVERFLOW! Rank 0 Skipping step. Attempted loss scale: 1, reducing to 1
 14%|████████████████▌                                                                                                   | 27/189 [00:14<01:13,  2.21it/s]
 [deepscale] OVERFLOW! Rank 0 Skipping step. Attempted loss scale: 1, reducing to 1
 15%|█████████████████▏                                                                                                  | 28/189 [00:14<01:13,  2.18it/s]
 [deepscale] OVERFLOW! Rank 0 Skipping step. Attempted loss scale: 1, reducing to 1
 15%|█████████████████▊                                                                                                  | 29/189 [00:15<01:13,  2.18it/s]
 [deepscale] OVERFLOW! Rank 0 Skipping step. Attempted loss scale: 1, reducing to 1
[]
This means the DeepSpeed loss scaler is unable to find a scaling coefficient to overcome loss overflow. To fix it, try a higher initial_scale_power value (32 usually works).
Resources
DeepSpeed ZeRO is a powerful technology for training and loading very large models for inference with limited GPU resources, making it more accessible to everyone. To learn more about DeepSpeed, feel free to read the blog posts, documentation, and GitHub repository. 
The following papers are also a great resource for learning more about ZeRO:

ZeRO: Memory Optimizations Toward Training Trillion Parameter Models
ZeRO-Offload: Democratizing Billion-Scale Model Training
ZeRO-Infinity: Breaking the GPU Memory Wall for Extreme Scale Deep Learning