Not even remotely true if you're at all familiar with several massive hardware developments in the pipeline. People have been saying it's the end of significant progress since 2010 and yet I'm playing what used to be 300w+ console games on a 2.5w A20 SoC. Ram will even come back down in 2-5 years. This is literally a company selling it. Ofc they're going to embellish the demand and stretch their excessive revenue goals far into the future, they're pumping stock.

Idk, i feel like the AAA gaming industry put themselves already in a pretty unsustainable path for the last decade. With or without the several consumer hardware crisis we had a long the way. That constant push for even more graphical fidelity doesnt provide better experiences anymore but drives the costs up to stupid levels(hundreds of millions). I'm an enthusiast and i can spot the differences and advancements we made even in the last 5 years. But i dont think the results as impressive as they can be are really worth it. We're at a place where we can boot up games with particularly well crafted artstyles which are 10 years old which look better than currently released AAA titles with lesser visions. But i can also boot up 10 year old games with for their time average looking graphics and forget about the slighly less shiny lighting in 5 minutes when the gameplay doesnt suck.

But even if we entertain the idea that consumer hardware pogress stalls and we only buy replacements parts with equal performance we would still have an industry which pushes the software side forward. Consoles are the best examples where we see considerably better utilization of the hardware over the years by game devs.

With all that said: Fuck the AAA industry. They can implode for all that matters to me. In this regard i consider the "good" times over since roughly 2013 with the hyper monetization, dlcs, mtx, gambling, live services, kernel level anti-cheat, kernel level drm, revokable licences, fomo mechanics, etc. But there will always be small studios and indie devs which will release new and fresh games which run on potato.