Algorthmic improvements in inference could make all that kit redundant very quickly - there are already moderately capable models that can be run on phones or laptops with specifications that are currently high-end but will be mainstream in another year or so.

This will lead to a superabundance of power-hungry compute power in the hyperscalers, and it's not entirely clear what can be done to consume it all and still run at a profit unless they manage to make ever greater gains for ever more compute-hungry models that cannot be run on consumer devices, unless they refresh their hardware at ever faster and more expensive rates.

The joke about data centers used to be that their core business was selling power at a loss; this may end up being true of the hyperscalers next.