That only explains why the price of those GPUs at resale is high, but it doesn't invalidate the fact that those GPUs are still very useful way past a 2 to 3 years depreciation schedule advocated by Michael Burry et al.

Older GPUs can still be used to run model inference, albeit more slowly than newer GPUs. We already see frontier labs turning this insight into an opportunity to charge a premium on token delivery speed, when models run on newer hardware. As AI becomes more widely spread throughout the economy, not all workloads will require fast inference, and there will be many use cases for previous generation hardware. The only exception is if the latest batch of specialised chips become ubiquitous very quickly, but then price of compute AND intelligence per watt will both go down dramatically, which would reduce the need for sustained high capex and opex