The actual lead times on similarly-capable GPU systems are so long, by the time your order is executed, you're already losing money. Even assuming perfect utilization, and perfect after-market conditions—you won't be making any money on the hardware anyway.
Buy v. rent calculus is only viable if there's no asymmetry between the two. Oftentimes, what you can rent you cannot buy, and vice-versa, what you can buy—you could never rent. Even if you _could_ buy an actual TPU, you wouldn't be able to run it anyway, as it's all built around sophisticated networking and switching topologies[1]. The same goes for GPU deployments of comparable scale: what made you think that you could buy and run GPU's at scale?
It's a fantasy.