I firmly believe it will slow down significantly. My prediction for the future is that there will be a much bigger focus on a few “base” models that will be tweaked slightly for different roles, rather than “from the ground up” retraining like we see now. The industry is already starting to move in that direction.
Indexing and lookups on datasets as big as companies like Google and Amazon are running also take trillions of operations to complete, especially when you take into account the constant reindexing that needs to be done. In some cases, encoding data into a neural network is actually cheaper than storing the data itself. You can see this in practice with gaussian splatting point cloud capture, where they are training networks to guide points in the cloud at runtime, rather than storing the position of trillions of points over time.