Regarding the 'no more training data' point.

I agree that text capabilities are maybe hitting the limit of available training data.

But, the big AI platforms are now being used by so many people for so many things that this becomes the new data source for new and different types of abilities.

Theres also the fact that the AI story means they've been able to fund huge data center builds and hardware innovation. This will lift the existing AI/ML applications (e.g. robotics, sensing) in themselves, as well as the fact that they can be integrated with the text models in probably really useful ways.

So I think, maybe text abilities are nearing the end, but intelligence and other interfaces with the real world still have a lot of space to grow.