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I watched Nvidia's Computex 2024 keynote and it made my blood run cold
(www.techradar.com)
This is a most excellent place for technology news and articles.
Even if companies were replacing existing hardware, the existing hardware uses less power. So whether it is additional hardware or not, there will be an increase in energy demand, which is bad for climate change.
I have personally worked on a project where we replaced several older nodes in datacenters with only one modern one. That used more power than two older nodes combined, but since we were shutting down 15-20, we saved a lot of power. Not every replacement is 1:1, most aren't.