Your logic is backwards.
NVIDIA will take a huge hit and we will probably end up with anti circular financing laws.
Frontier labs are losing money and are most likely to go bankrupt and be absorded by bigger companies.
Hyperscalers will take a huge beating but they are ultimately profitable and they already control the frontier labs. So after a hard crash they will be fine. A lot of their debt is actually offloaded onto pension funds, insurance companies, etc. Those risk bankruptcy.
They will be just fine. They might not see the astronomical price margins of the current bubble, but there is a lot of untapped demand that is curbed by current mem/GPU prices and if they go down the demand will rapidy grow.