It’s not an either/or - it can be both!
If you have the best foundational research, but then find yourself blocked by compute, that’s a bad place to be in.
At the moment compute is a constraint too (at least for the smaller shops, maybe not OpenAI!)
We don’t necessarily know that the next AI breakthrough will need less compute either! A breakthrough that gives 5x performance for 20x training compute and 2x inference cost would still be a giant breakthrough and need a lot of hardware! Although this sort of breakthrough is unlikely, and it’s likely to be smaller steps forward - but I think it might be the case that models continue to get more computationally expensive even if there are breakthroughs that make models more efficient because we will want higher capability.