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This is completely false - GPUs are not consumables, they are factors of production.

Models are technologies. Without the GPUs the technology is not accessible.

You sound like someone who thinks they have a strong understanding of economics when they don't.

I had to look up "factors of production" to see what this was about.

Looks to me like, as with a drill bit, a GPU could be reasonably classified as either a consumable or a factor of production.

This is because GPUs wear out and fail; the smaller the features, the faster electromigration kills them.