Both things can be true, since they're orthogonal.
Having AI do these things was complete fiction 10 years ago. And after 5 years of LLM AI, people do start to see serious limits and stunted growth with the current LLM approaches, while also seeing that nobody has proposed another serious contended to that approach.
Similarly, going to the moon was science finction 100 years ago. And yet, we're now not only not in Mars, but 50+ years without a new moon manned landing. Same for airplanes. Science fiction in 1900. Mostly stale innovation wise for the last 30 years.
A lot of curves can fit an exponential line plot, without the progress going forward being exponential.
We would have 1 trillion transistor cpus following Moore's "exponential curve"