The LLMs have reached a plateau. Successive generations will be marginally better.

We're watching innovation move into the use and application of LLMs.

Innovation and better application of a relatively fixed amount of intelligence got us from wood spears to the moon.

So even if the plateau is real (which I doubt given the pace of new releases and things like AlphaEvolve) and we'd only expect small fundamental improvements some "better applications" could still mean a lot of untapped potential.