I think it's possible (10-15%) that the AI bubble pops and we all live without 50M token/day OpenClaw installs and running Opus to do things that should have been done by a shell script to the point that it causes a dip in total compute demand. I think it's likely (75% likely if the AI bubble pop causes a dip in compute demand) that this dip extends longer than the median lifespan of the hardware currently being installed in datacenter.

Of course in 20 years we'll be using more compute than today (99% likely).

EDIT: Of course cryptocurrencies provide a floor compute pricing.