Looks like you need a subscription for the article, but its in line with a lot i've heard. I know Ed Zitron has been reporting on the problems with the 'AI' industry for a while.
A more minor, but interesting point Zitron has made is that these companies have to run these gpu's at full tilt, which gives them a highly shortened lifespan. So where i'd assumed a company has capital assets in these gpu's, it might be better to think of these gpu's as consumables, where only a limited number will actually be salvageable.
This could be an important point in distinguishing this event from the recovery from the Great Recession/GFC. After all was said and done, at least there were houses to be sold, and prices to be recovered. This point apparently went a long way to stabilising and recovering the US market afterwards. A stabilising force such as that doesn't really exist in this instance, if the gpu's are a transient and depreciated stock theres not much left. The server buildings themselves are fairly unique and may not repurpose well to other industries which could cause an even larger collapse in prices.