But the people who position themselves to profit from the energy consumption of the hardware will profit from all of it: the LLMs, the image generators, the video generators, etc. See discussion yesterday: https://news.ycombinator.com/item?id=41733311
Imagine the number of worthless images being generated as people try to find one they like. Slop content creators iterate on a prompt, or maybe create hundreds of video clips hoping to find one that gets views. This is a compute-intensive process that consumes an enormous amount of energy.
The market for chips will fragment, margins will shrink. It's just matrix multiplication and the user interface is PyTorch or similar. Nvidia will keep some of its business, Google's TPUs will capture some, other players like Tenstorrent (https://tenstorrent.com/hardware/grayskull) and Groq and Cerebras will capture some, etc.
But at the root of it all is the electricity demand. That's where the money will be made. Data centers need baseload power, preferably clean baseload power.
Unless hydro is available, the only clean baseload power source is nuclear fission. As we emerge from the Fukushima bear market where many uranium mining companies went out of business, the bottleneck is the fuel: uranium.