I believe that AGI cannot be exponential for long because any intelligent agent can only approach nature's limits asymptotically. The first company with AGI will be about as much ahead as, say, the first company with electrical generators [1]. A lot of science fiction about a technological singularity assumes that AGI will discover and apply new physics to develop currently-believed-impossible inventions, but I don't consider that plausible myself. I believe that the discovery of new physics will be intellectually satisfying but generally inapplicable to industry, much like how solving the cosmological lithium problem will be career-defining for whoever does it but won't have any application to lithium batteries.