Even in 2002, my CS profs were talking about how GAI was a long time off bc we had been trying for decades to innovate on neural nets and LLMs and nothing better had been created despite some of the smartest people on the planet trying.
The compute and data are both limitations of NNs.
We've already gotten really close to the data limit (we aren't generating enough useful content as a species and the existing stuff has all been slurped up).
Standard laws of physics restrict the compute side, just like how we know we will hit it with CPUs. Eventually, you just cannot put things closer together that generate more heat because they interfere with each other because we hit the physical laws re miniaturization.
No, GAI will require new architectures no one has thought of in nearly a century.
It's always different this time.
More seriously: there are decent arguments that say that LLMs have an upper bound of usefulness and that we're not necessarily closer to transcending that with a different AI technology than we were 10 or 30 years ago.
The LLMs we have, even if they are approaching an upper bound, are a big deal. They're very interesting and have lots of applications. These applications might be net-negative or net-positive, it will probably vary by circumstance. But they might not become what you're extrapolating them into.
That I think is the entire mistake of this bubble. We confused what we do have with some kind of science fiction fantasy and then have worked backwards from the science fiction fantasy as if it is inevitable.
If anything, the lack of use cases is what is most interesting with LLMs. Then again, "AI" can do anything. Probabilistic language models? Kind of limited.