The arguments I've heard around GPUs losing value is based on resale. So long as the first party can utilize or lease them at a high rate, it's not a risk. The idea is you don't know the environment they were used in or how hard they've been abused. The first party knows this, so long as they can continue to lease them without suffering anomalous failure rates the financials are OK.

The lingering question is something like "Coreweave declares bankruptcy, how do they liquidate all these GPUs?"