I don’t think it’ll necessarily pop. The excess supply could even induce additional demands in not just LLM or AI but in other verticals. The margins of hyperscalers and infra providers might thin out, but with all that surplus in hardware, they can find new uses. For example, developers rent their own GPU node for cheap capable of running frontier open weight models instead of running local models. Computers and consoles will be cheaper again and more people will want to buy them. Non-LLM related simulations could benefit from excess hardware.