I think progress per dollar spent has actually slowed dramatically over the last three years. The models are better, but AI spending has increased by several or

I think progress per dollar spent has actually slowed dramatically over the last three years. The models are better, but AI spending has increased by several orders of magnitude during the same time, from hundreds of millions to hundreds of billions. You can only paper over the lack of fundamental progress by spending on more compute for so long. And even if you manage to keep up the current capex, there certainly isn't enough capital in the world to accelerate spending for very long.