[yorwba]

As I understand it, "the Singularity" refers to the point in time where AGI becomes better at improving itself than the humans that created it. Then the existing exponential growth gets replaced by another exponential, but with stronger feedback.

It's the difference between a differential equation like x' = x and x' = 10x . In either case you can say "meh, if you normalize on today's value, the increase in 10 years is just a constant multiple", but the transition from one phase to the other will still be noticable, even though things won't "go vertical".