and yet we still have people saying the rate of change is increasing

my view is we had a leap over the last fe years and it's tapering off.

this is fine, but for the IPOs

The improvement is compounding just about every way you can look at it. The frontier keeps getting smarter. And at any sub-frontier threshold the cost is dropping dramatically. The amounts of smarts you can fit on hardware is increasing so dramatically that even 6 year old consumer GPUs are increasing in price. The pace of change in LLMs and downstream applications is absolutely ripping compared to 2023 or 2024.

We had a leap because of the introduction and refinement of agents - the rest has been minor