There's an obvious analogy to Web 1.0.
There was a massive build out of fiber capacity, ahead of demand.
After the crash, that fiber was laying in the ground, waiting to be bought up and used.
Google and others bought up significant amounts of dark fiber.
Could the same thing happen to GPUs?
The expensive part of fiber is the glass in the ground, not the electronics on the ends.
Once the glass is laid, it keeps working in perpetuity.
It's easy to upgrade the same fiber to carry significantly more data by upgrading the electronics.
GPUs, on the other hand, depreciate quickly with heavy use.
A provider with a lot of GPUs on hand could have them sit dark so they don't depreciate… but then they'd be competing against more powerful GPUs in future generations.
Dark GPUs don't seem to work like Dark Fiber.
Still, we're severely supply constrained on GPUs, so maybe it will be fine.