>there's no ceiling to what scaling more will buy you in terms of capability
This is highly doubtful.
Rule of thumb: everything people think is exponential is actually an S curve.
There's a limit that won't be breached without a fundamental breakthrough in physics of computation, but we're not there yet by a long shot. You can train bigger models, faster, and infer with them faster and more precisely, by throwing more compute at the problem for the foreseeable.
better rule: exponentials are overlapping S-curves