I think there's more nuance to it. The real asset is the models that are being created.
Imagine this world: the bubble "pops" in a couple years. The GPUs stick around for a few more years after that. At the end, we pretty much don't train new foundation models anymore - no one wants to spend the money on the hardware needed to make a real advance.
People continue to refine, distill, and optimize the existing foundation models for the next century or two, just like people keep laying new track over old railway right of ways.
Imagine this world: the bubble "pops" in a couple years. The GPUs stick around for a few more years after that. At the end, we pretty much don't train new foundation models anymore - no one wants to spend the money on the hardware needed to make a real advance.
People continue to refine, distill, and optimize the existing foundation models for the next century or two, just like people keep laying new track over old railway right of ways.