We’re seeing a massive slowing in the value of all that additional training. Folks don’t like to talk about that, but absent a completely new break-thru the current math of LLMs has largely run its course.
We simply don’t need massive training forever and ever. We’re getting to the point that “good enough” models will solve most use cases. The demonstrated business value is also still broadly missing for AI on the level required to keep funding all this training for much longer.