The attention is shifting towards RL, harnesses, and memory systems from the pretrains of more intelligent and capable base models. So extracting additional capabilities from what we already have.

That is a much easier catch up game. GLM 5.3 and DeepSeek flash 4.1 also demonstrate significant jump in cyber capabilities. So yeah, it is a slowdown in the place where it matters. RL has been around for ages, there's no moat there if you already have a good enough pretrain.