While you are debating if eternal growth exists we that actually write software can tell you that the bottle-neck has been RAM since 386 that introduced caches:

DDR3 was the peak of RAM latency, 65nm SSDs where the peak of flash memory longevity both in ~2010!

You cannot scale anything unless it's embarrasingly parallelizable in which case you never had a problem in the first place.

Peak performance is more important than the puny 0.5Gflops/W "5"nm M1 (2.5Gflops/W) has over the 28nm Raspberry 4 (2 Gflops/W).

Everything that is below one order of magnitude improvement is irrelevant = ASML is irrelevant unless devices break and you buy things you cannot repair.

That combined with eternally raising electricity cost, not as a function of marginal prices on a market (like today), but as a permanent depletion of resources leads to only 1 conclusion:

Don't wait for the next generation hardware/firmware locked, rentseeking line of hardware: 14nm X86 and 28nm ARM IS good enough for a lifetime if you control it and make sure it lasts.

There are only 2 programming languages that can survive this long term: C on the client (with a little ++ for convenience) and vanilla JavaSE on the server (with as little deps. as possible).

Bonus prediction: JavaME will be revived in some form for open microcontroller mobile use.