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I think it's really quite the opposite.

Compute resource consumption is like a gas, it expands to fill whatever container you give it.

Things didn't reach a comfortable level, Moore's Law just slowed down a lot so bloat slowed at pace. When developers can get a machine with twice as much resources every year and a half, things feel uncomfortable real quick for everybody else. When developer's can't ... things stop being so uncomfortable for everyone.

However, there is a certain amount of physical reality that has capped needs. Audio and video have limits to perceptual differences; with a given codec (which are getting better as well) there is a maximum bitrate where a human will be able to experience an improvement. Lots of arguing about where exactly, but the limit exists and so the need for storage/compute/memory to handle media has a max and we've hit that.



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