Models are technologies. Without the GPUs the technology is not accessible.
You sound like someone who thinks they have a strong understanding of economics when they don't.
Looks to me like, as with a drill bit, a GPU could be reasonably classified as either a consumable or a factor of production.
This is because GPUs wear out and fail; the smaller the features, the faster electromigration kills them.
Models are technologies. Without the GPUs the technology is not accessible.
You sound like someone who thinks they have a strong understanding of economics when they don't.