This is the latest in a series of essays on AI Scaling.
You can find the others on my site.

Summary: RL-training for LLMs scales surprisingly poorly. Most of its gains are from allowing LLMs to productively use longer chains of thought, allowing them to think longer about a problem. There is some improvement for a fixed length of answer, but not enough to drive AI progress. Given the scaling up of pre-training compute also stalled, we'll see less AI progress via compute scaling than you might have thought, and more of it will come from inference scaling (which has different effects on the world). That lengthens timelines and affects strategies for AI governance and safety.