Demand for GPUs for Ethereum mining goes to zero in Q1/Q2 2022, when the beacon chain merges with mainnet. Quote: "This will mark the end of proof-of-work for Ethereum, and the full transition to proof-of-stake."
Today, just like in 2018, we can see the price of Ethereum reflected in Nvidia's stock price. When Ethereum moves to proof-of-stake, mining GPUs will flood the market and demand for new GPUs will no longer be tied to the cryptocurrency bubble.
https://ethereum.org/en/eth2/merge/
The price of (demand for) GPUs is strongly correlated with the market price of Ethereum. The Economist, June 2021:
https://www.economist.com/graphic-detail/2021/06/19/crypto-m...
Today, just like in 2018, we can see the price of Ethereum reflected in Nvidia's stock price. When Ethereum moves to proof-of-stake, mining GPUs will flood the market and demand for new GPUs will no longer be tied to the cryptocurrency bubble.