Reminds me of all the optic fiber infrastructure that was built during the dot com bubble
Yes, this bubble is much better than crypto/nft. Same as mentioned railroad rush - capex burned, but lots of stuff have been built and left after burst.
But fiber optics are different, they stay good for a very long while and you just need to add better transceivers at the ends to upgrade them, it's questionable whether the current GPUs are even worth powering up once 2nm ones are out, and we also don't know how long they last, electromigration might start killing them in 5 years.
GPUs might become obsolete after the AI bubble bursts, but tons of supporting infrastructure, including non-GPU servers, will be in the market for pennies.
I worry about correction in chip manufacture after this – will the fab industry get even more concentrated? What if the remaining fabs scale down and set us back a decade or two cutting edge chip research? Will GPUs become extraordinarily expensive?