So did houses in 2007. That’s not a good sign at all.

I guess GPUs are interesting because unlike houses, we've suddenly found a massive amount of new utility for these things. If my house suddenly started producing its own furniture, it might be a bit more valuable. Which isn't to say people haven't found new things to do with their houses - COVID made having a home office a lot more valuable, for example, but nothing quite as dramatic as GPUs suddenly able to produce their own code.

In 2008 we had both a massive under supply of housing in many cities plus crashing prices. These things can very much exist at the same time if, as if happening now with GPUs, the financial engine fueling the ecosystem is out of whack.