ASICs and GPUs do share significant dependencies in the semiconductor supply chain. Building FABS fast enough to keep up with demand is difficult and resource constrained, both by expertise and high quality materials.

You are wrong about the market value of Bitcoin’s impact on the profitability of Bitcoin mining.

https://www.investopedia.com/articles/forex/051115/bitcoin-mining-still-profitable.asp

Another thing to consider is that many coins still use proof of work, and an ASIC designed for one might not work for others. Some miners (especially the most scammy ones) choose the flexibility to switch coins at will. That doesn’t change the fact that ASIC now dominates, but GPUs do still have a share, especially for some of the newer scam coins.

Profitability of Bitcoin mining is dependent on the value of Bitcoin, which has more than doubled in the last 12 months. It’s true that large scale miners have moved on from GPUs to purpose designed hardware, but GPUs and mining hardware are mutually dependent on a lot of the same limited resources, including FABs.

You are right that crypto doesn’t drive the GPU market like it used to in the crypto boom, but I think you are underestimating the lingering impact. I would also not rule out a massive Bitcoin spike driven by actions of the Trump.p administration.

Don’t forget the crypto scammers.