The big "frontier" models are expert systems built on top of the LLM. That's the reason for the massive payouts to scientists. It's not about some ML secret sauce, it's about all the symbolic logic they bring to the table.

Without constantly refreshing the underlying LLM and the expert system layer, these models would be outdated in months. Language and underlying reality would shift from under their representations and they would rot quick.

That's my reasoning for considering this a bubble. There has been zero indication that the R&D can be frozen. They are stuck burning increasing amouts of cash for as long as they want these models to be relevant and useful.