Growth is when you want to have institutional support, to be at the tip, backed by infinite money and best compute infra, and benefit disproportionally from compounding. Conversely tapering is when you're best flying under the radar, and there's plenty of value both in ideas and in hardware, as the leading players shed excess they can't support anymore, ...
But to your point, then the growth is not in the ideas that can be generated with AI, and more in the structure. Which feels like a different stage. Maybe "growth", wasn't a good word.
Stuff is still happening and you need to be part of a big lab to see it. NanoGPT is fun but at some point you need that datacenter.
I also feel like there are many ways he can access compute for use of his own ideas.