Or, in parallel, the research showing LLMs intelligence will operate on an S-curve, eventually hitting a long valuation deflating plateau, is dead on the money and The Big Guys are trying to delay that inevitability for as many quarters as possible…
These takes are fully fueled by cope. What is this plateau you are talking about? Any user of agentic coding tools sure isn't experiencing anything close to a plateau.
My hypothesis is that to date they've been increasing benchmark scores via scaling up, but now that low hanging fruit is basically picked.