future hardware costs do not erase losses on existing capex expenditures, if they bought an (overpriced) nvidia GPU and then it turns out local LLMs or a Chinese competitor can do it for much cheaper investors effectively notice the mortgage is underwater. Tech getting cheaper is only handy if your company (e.g. ChatGPT) didn't already make a big gamble they can't sell off (for fear of hurting the cost of the asset they're trying to sell) see also coin "reserves".