8 years is a pretty short perspective. The current growth phase was unlocked by more engineering. We could’ve had some of these kinds of capabilities decades ago, as illustrated by how cutting edge AI research is now trickling down all the way to microcontrollers with 64MHz CPU and kBs of RAM.

Once we got the “Attention is all you need” paper I don’t remember anyone saying we couldn’t get better results by throwing more data and compute at it. But now we’ve pretty much thrown all the data and all (as much as we can reasonably manufacture) at it. So clearly we’re at the end of that phase.