Scaling laws: Larger models trained on lesser data* are what you you need. *10x more compute should be spent on 5.5x larger model and 1.8x more tokens https://arxiv.org/abs/2001.08361

Chinchilla: Smaller models trained on more data* are what you need. *10x more compute should be spent on 3.2x larger model and 3.2x more tokens https://arxiv.org/abs/2203.15556