The growth of performance per 1W of consumption will continue to fall. We are getting closer to the silicon dead end. The point of buying new models (and with an ever-increasing price, growing faster than the official inflation), i.e. demand, will fall almost along the same curve (adjusted for the continuing growth of the planet's population), unless companies find a way to horizontally improve the quality of gadgets so that buying new models makes sense in 3 years. Or they don't come up with even more sophisticated schemes for artificial aging of gadgets, forcing the masses to buy new models. Like the forced transfer to W11, which essentially no one needs. Remember the promise of M$ - "W10 will be the last" ...
Apple has made great strides over the last 15 years by betting on TSMC, but now even TSMC can't deliver the same performance gains per watt that it once did.