point 2 is the thing that i think is most important to point out:
"architectures change"
sure, that's a fact. let me apply this to other fields:
"there could be a battery breakthrough that gives electric cars a 2,000 mile range."
"researchers could discover a new way to build nanorobots that attacks cancer directly and effectively cures all versions of it."
"we could invent a new sort of aviation engine that is 1,000x more fuel efficient than the current generation."
i mean, yeah, sure. i guess.
the current hype is built on LLMs, and being charitable "LLMs built with current architecture." there are other things in the works, but most of the current generation of AI hype are a limited number of algorithms and approaches, mixed and matched in different ways, with other features bolted on to try and corral them into behaving as we hope. it is much more realistic to expect that we are in the period of diminishing returns as far as investing in these approaches than it is to believe we'll continue to see earth-shattering growth. nothing has appeared that had the initial "wow" factor of the early versions of suno, or gpt, or dall-e, or sora, or whatever else.
this is clearly and plainly a tech bubble. it's so transparently one, it's hard to understand how folks aren't seeing it. all these tools have been in the mainstream for a pretty substantial period of time (relatively) and the honest truth is they're just not moving the needle in many industries. the most frequent practical application of them in practice has been summarization, editing, and rewriting, which is a neat little parlor trick - but all the same, it's indicative of the fact that they largely model language, so that's primarily what they're good at.
you can bet on something entirely new being discovered... but what? there just isn't anything inching closer to that general AI hype we're all hearing about that exists in the real world. i'm sure folks are cooking on things, but that doesn't mean they're near production-ready. saying "this isn't a bubble because one day someone might invent something that's actually good" is kind of giving away the game - the current generation isn't that good, and we can't point to the thing that's going to overtake it.