It appears to me the early exponential gains from new models have plateaued. Current gains seem very marginal, it could be the future model best model that needs "1TB of HBM and specialized TPUs" won't be all that better than the models we have today. All we need to do is wait for commodity hardware that can run current models, and OpenAI / Anthropic et al are done if their whole plan to monetize this is to inject ads into the responses. That is, unless they can actually create AGI that requires infrastructure they control, or some other advancement.