Assuming you keep the software the same, there are quite a few things that could be happening. Lets take for example a pc:
* Cooling paste between cpu and cooler (or gpu and its cooler) could dry up, causing bad conduction of heat, the cpu overheating and throttling.
* Fin grids/filters could get clogged with dust,
* Heat cycles can break electrical connections over time (although this isn’t really steady deterioration)
* Communication with other devices becomes more demanding (higher resolution screen for example)
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