Chip assets are a vanishingly small fraction of the valuation of these companies. If they were to depreciate instantly and need to be replaced at cost every year (assuming the fabs had capacity to produce them) it wouldn't move the needle.
This is like asking if there's a historical basis for understanding how the depreciation of garden sprinklers affects home value appreciation.
This is like asking if there's a historical basis for understanding how the depreciation of garden sprinklers affects home value appreciation.