The question is what are they going to get used for if the current market for them dries up? Say LLM chatbots demand craters for some reason. Let's just say magic. At $0.01/hr for a GPU machine, other than cryptocurrency, what would people use GPUs for?

The answer is there's a lot at that price, so then we go upwards and do price discovery to find out what applications there are and how much they're able to pay, but one thing is certain, even without LLMs there's demand for GPUs, the only question is at what price.