That’s because a significant portion of the work and spending going on at frontier labs is generating new, more curated data, in select domains like software engineering and now biology[1].
[1] https://www.synbiobeta.com/read/anthropic-is-hiring-biologis...
I think that was his argument as well. It looks like there is no more data to find, but then it becomes important to find more data - lo and behold we can make more.
Sounds like the oil scare from 90' - we thought we were gonna run out of oil. But as oil gets more expensive it pays to dig further down to find the stuff that didn't make sense to dig up before.