I don't think LLMs are over [0]. I think we're relatively close to a local optimum in terms of what can be achieved with current algorithms. But I think OpenAI is at least as likely as any other player to create the next paradigm, and that it's at least as likely as likely as any other player to develop the leading models within the next paradigm regardless of who actually publishes the research.

Separately, I think OpenAI's current investors have a >10% chance to hit the 100x cap on their returns. Their current models are already good enough to address lots of real-world problems that people will pay money to solve. So far they've been much more model-focused than product-focused, and by turning that dial toward the product side (as they did with ChatGPT) I think they could generate a lot of revenue relatively quickly.

[0] Except maybe in the sense that future models will be predominantly multimodal and therefore not strictly LLMs. I don't think that's what you're suggesting though.