Well, to use the processor analogy, with models we reached the situations where the clocks can't do that much more. So the industry switched to multiplying cores etc. but you can actually see the slope plateauing. There are wild developments for the general public like the immediate availability of gpt-oss-120b that I'm running on my MBP right now, there is Claude Code that can work for weeks doing various stuff and being right half of the time, that's all great, but we can all see development of the SOTA models has slowed down and what we are seeing are very nice and useful incremental improvements, not great breakthroughs like we had 3-4 years ago.
(NB I'm a very rational person and based on my lifelong experience and on how many times life surprised me both negatively and positively, I'd say the chance of a great breakthrough occurring short term is 50%, but it has nothing to do or cannot be extrapolated from the current development as this can go any way actually. We already had multiple AI winters and I'm sure humanity will have dozens if not hundreds of them still.)