Every one of these participants is implicitly assuming that a GPU has a single obsolescence curve: one line on a chart, declining from “new and valuable” to “expensive paperweight.” The entire debate is about the slope of that line. But a GPU doesn’t have one obsolescence curve. It has several, and they are stacked on top of one another, each with a different shape, a different slope, and different underlying drivers. The useful life of a chip is not a single number. It’s a composite: the sum of the economic value generated across multiple workload tiers over time.