You're right Moore's law has been holding up, but will hit a hard limit on process node size, so all scaling will be based on multiple cores. OTH, computing per watt spent has been plateauing. If the future bottlenecks are energy and cooling, that will require infrastructure-scale solutions. My bet is this is going to be real AI company moat.

https://www.riq.net.br/pub/computing-scaling/

Under appreciated requirement for this to work in post-cloud times: open source

If a vendor can SaaS a solution, then enterprise is generally happy (they don't want to have to hire folks for maintenance), and that completely locks out any ability to run locally.

Between enterprise's ambivalence and the obvious financial incentive to vendors, you get SaaS-only products.