The vast majority of the price rise is mainly due to AI companies sucking all the air out of the room and everyone investing in "AI" regardless.
If China gets their process down to match US/Korea/Taiwan and they decide to flood the market to drown out competitors then hardware is going to be an order of magnitude (or two) cheaper than it is today.
Back in the day the PS3 came with a 90nm GPU and was cost reduced all the way to 65nm, 40nm and finally 28nm. That won't happen again.