They're working on a few really lofty ideas:

1. real time world models for the "holodeck". It has to be fast, high quality, and inexpensive for lots of users. They started on this two years ago before "world model" hype was even a thing.

2. some kind of hardware to support this.

David Holz talks about this on Twitter occasionally.

Midjourney still has incredible revenue. It's still the best looking image model, even if it's hard to prompt, can't edit, and has artifacting. Every generation looks like it came out of a magazine, which is something the other leading commercial models lack.