The shovels are the datacenters. China and America are building them. Even after the valuations puff out, that infrastructure will remain as a massive competitive advantage to those economies.
I am not convinced this will be true. The big piles of GPUs make sense when the models will change multiple times before the hardware fails; but when there's no more money for rapidly training models, the best can be encoded as circuits in much more energy efficient hardware, rendering even the new power supply infrastructure for the data centres useless.