I think the point estimating GPU utilization (the terminology is transcending ), and by extension GPU demand misses the point. Of course they will buy them, they have to because everybody else is.

The questions is whether the GPUs makes money for these companies. When the market sniffs the answer to that question, that's when the bottom falls out or not.

Is Google going to make more money from me than it already does by embedding LLMs into its search product? Am I going to be spending any meaningfully more amount of time using any of these products than I already do by the addition of AI? Because if not where does the money come from?