This is an interesting angle, and one I hadn't considered before. Would it be overly cynically to draw a line between it and the recent willingness [1] of many on the frontier to support some sort of coordinated pause or slowdown? I think that proposal has genuine value on its own merits, but it might also give a lot of overly-optimistic financing a chance to pay off before cheaper inference crashes the market.

[1] https://www.pacingthefrontier.com/

Yes, but to walk in to the market late, and not have all that debt, it will be too much of an opportunity for an aspiring company.

Google was not the first search engine. But in a way, it was the last.