People are just automatically assuming that because we had this big leap in LLMs for chat responses, we would have an equivalent jump in LLMs for embedding based retrieval. And to my knowledge there is no evidence for that. Quite to the contrary the recent gzip paper (even if it was badly done) still shows that retrieval is a very different problem and LLMs are much less extraodinary than expected.

In my mind the whole embedding / vector DB craze will come crushing down.