The basic reason for the trend continuing so far is that NVIDIA et al have diverted normal compute expenditures into the AI boom.
I agree that the trend will stop, and it will stop around 2027-2033 (my widest uncertainty lies here), and once that happens the probability of having AGI soon will go down quite a bit (if it hasn’t happened by then).
While I think AGI by 2028 is reasonably plausible, I think that there are way too many factors that have to go right in order to get AGI by 2028, and this is true even if AI timelines are short.
To be clear, I do agree that if we don’t get AGI by the early 2030s at latest, AI progress will slow down, I don’t have nearly enough credence for the supporting arguments to have my median be in 2028.