Today's data center GPUs are essentially overclocked, and so at limit of how much the chip materials can physically handle, and therefore degrade over time. For example, GH200s operate at 1W/superchip but the actual safe power is somewhere around 650W which will allow them to function for a decade or more. But that leads to around 15% slowdown and that is unacceptable in today's competition. So current GPUs are destined to be depreciating assets.

In future, we might have fixed cost GPUs but not today.