1. A method, on a server system in an out-of-core processing environment, for managing access to data by accelerator systems, the method comprising: receiving a request from an accelerator system for access to a given data set; determining an access context associated with the given data set; selecting an access configuration from a plurality of different access configurations available for the accelerator system based on the access context that has been determined; and dynamically configuring the accelerator system according to the access configuration to one of access the given data set directly from the server system, locally store a portion of the given data set in a memory, and locally store all of the given data set in the memory.