What is kind of new is that hyperscalers sometimes get chips 1-2 years before the rest. If the new chip is 3x-4x faster that looks pretty unfair.
That's not new. Replace hyperscalers with crypto miners and we've had a similar situation for a while.
That's news to crypto miners.
The only ones left standing are the small ones and most of them are just using what they already purchased.
There is no liquidity in the shitcoins to be able to support daily large dumps of their tokens and unless you have almost free power, there is zero profitability.