Right now the models are doubling in performance (by the METR time horizon metric at least) every 4 months, so 3 doublings in a year; conversely, I hear (not my field) it takes around a year to make a prototype IC and another year to turn that into mass production, i.e. if the next (late-2026 model) iPhone has a chip like this, it will likely be with, at best, a late-2024 set of weights. I think you can get open-weights models today that have performance equivalent to the SOTA-late-2024 while fitting in the RAM of a (high end) 2025-26 phone.
At some point the music will stop on training bigger models, and when that happens it will make sense to have ROM weights (or 100% analog circuits given how noise-resistant LLMs are), but we'll know when that is because the investment bubble funding the training of new models will have burst.