[h3lp]

One large but forgotten effect of the dotcom bubble was an excess fiber capacity, that allowed smooth growth of internet in the following 25 years---average internet speed in the US is 200 Mbps, and a significant number of households is on a gigabit uplink. I take your point that GPU hardware amortizes away faster than fiber, but that's true of all computing hardware: the average lifecycle of a server is around five years.