This comment reminds me of this paper which makes a similar argument. It claims that chips are more than just a depreciating asset you actually have to keep buying more for the economics to enable the scaling. And inherently there's going to be ups and downs. The AI labs seem to not be preparing for the depreciation nor the scaling requirements and that puts their economics into question.

https://gauthierroussilhe.com/en/articles/how-to-use-computi...

5 years is an eternity in this biz though