The conventional wisdom is that the tape industry continuously backports hard disk media innovations that are a few years old, so the end game is that there will be a period after HD innovation ends that allows end-game tape to create an insurmountable advantage over the end-game HDDs.
Put another way, if HDDs stop getting bigger this year, then they'll end up competing with tape drives that continue improving density at current trajectories until ~ 2028, and choosing between 2023 HDDs vs. 2028 tape for archival storage will be a no-brainer.
Having said that, the rapid drop off in tape unit shipments combined with the stagnation of total shipped capacity suggests conventional wisdom might be wrong.
I wonder if HDD density improvements have already stopped, so now we're seeing the endgame.