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If the “application” gets changed, like say an update to a crypto currency algorithm, it might very well render the ASIC obsolete.

Yes, but there are many possible applications for AI where one might at some time in the future revise the algorithm, but one is not necessarily going to revise what has already been deployed. Imagine, for example, some AI to automate some aspect of flying a drone, say following a specific target. One might later come up with an improvement, but one will not be updating the thousands of existing drones. A wee bit of cleverness can also allow one to identify possible areas of change and externalize those from the core ASIC itself, making that part of the algorithm even possibly software updatable.
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