I don't think "plateaued" is the right word, but I do feel like there's been something like a logistic curve compression in the difference between smaller and larger models as the field evolves. For inference at least, the scale of practical difference between a single high-VRAM GPU or SFF UMA box, a whole rack, and a whole data center seems to be falling far short of what we might have imagined just a few years ago. The conversations I've heard have largely turned away from breathless anticipation of the next frontier model and toward attempts at hard-nosed evaluation of which tokens are worth the cost.