Yes and no. The hardware companies have already said that they’re not interested in expanding production. They know it’s a bubble, and don’t want expanded production now to cause a glut in the future when the inevitable pop happens. So prices may not actually drop, (even after the pop), because the companies still won’t be producing more hardware than they currently are.

My best guess is that we’ll have some dark data centers sitting around collecting dust, but the hardware they bought won’t actually flood the market and crash prices. If anything, since the US dollar’s value is essentially tied to Nvidia and OpenAI’s market share, a pop will only make the dollar less powerful and will counteract any potential drops in prices that may have otherwise happened. The companies will get a trillion dollar bailout when the pop happens, (because they’re too big to fail) then nothing will change about the current hardware prices.