I am told that a third of the increase in power from one generation to the next is coming from better software (ie AI), a third from throwing hardware at it (stepping up from hundreds of thousands of GPU to millions etc, and cooling and wiring optimization etc), and a third of the benefit is coming from throwing more data in imaginative ways --ie video data instead of just text etc.
Of course commercialization is outside the ambit of the platform companies, and really that growth is far more broad based – product people imagining new use cases, marketers, UI etc.
Nvidia is overhyped at this point, and the thought is that the platform companies may make their own custom chips.