I realized that with tokenization, there's a theoretical bottleneck when predicting the next token.
Let's say that we have 15k unique tokens (going by modern open models). Let's also say that we have an embedding dimensionality of 1k. This implies that we have a maximum 1k degrees of freedom (or rank) on our output. The model is able to pick any single of the 15k tokens as the top token, but the expressivity of the _probability distribution_ is inherently limited to 1k unique linear components.
replies(6):