Well, by "computer" we're of course talking about colocated equipment with real capital costs. The data center operators are the equivalent of the people selling shovels to the gold rush prospectors.

This'll go identically to bitcoin mining, which is literally a computer that you plug in and it makes money. The big ASIC manufacturers were running their own ASICs in-house until they were no longer profitable. Then, they would sell them to customers who pre-ordered back when it was profitable.

Then it's a game about collecting enough capital that you'll be the last one standing.