Nvidia is the the villain here and we just found out Jensen is a chinese spy who seems to have purposely increased production so there would be enough excess to smuggle into china. To make it work, he had to force US companies to buy unneeded hardware to invent fake demand. If most of the hardware is sitting unused in warehouses, it is far easier for nvidia to smuggle higher volumes into china without anyone noticing.
I think if the new congress investigates and builds a case against jensen, that would disrupt the collusion and prices would come down fast. Any successful business is using local llms and sees no future with cloud ai. I read that AT&T is up to 60% local llms and is reducing use of cloud ai. Most companies will be doing that.