This may not affect the total demand, but the distribution of demand. What's also affected, in my opinion: - individual company valuations - capacity planning

This may not affect the total demand, but the distribution of demand. What's also affected, in my opinion: - individual company valuations - capacity planning models ("what would it take to do x?") and related funding - overall competitive landscape (yes you can compete with OpenAI after all without a trillion dollars in funding) - it's not the coveted high-end GPUs anymore, more affordable/available hardware may also work