The "Chinchilla trap" is a specific failure mode of the Chinchilla insight: blindly following compute-optimal training without considering inference economics.
Chinchilla minimizes training loss per FLOP. That metric optimizes the training phase. It does not optimize the phase that actually generates revenue: inference, where each query uses parameter compute proportional to model size, hundreds of millions or billions of times over the model's deployed lifetime.
Concretely: a Chinchilla-optimal 280B model trained on 5.6T tokens has similar training cost to a non-optimal 8B model trained on 15T tokens. But the 280B costs 35× more per inference query. If you're going to serve a billion queries, the 8B over-trained model wins economically by a wide margin, even if its training looks "wasteful" by Chinchilla's lights.
The post-Chinchilla synthesis
Optimize for total cost of ownership: training compute + inference compute over expected lifetime traffic. For high-traffic deployments this almost always pushes you toward smaller, longer-trained models. Llama 3's 8B-at-15T pattern is the canonical industrial recipe for this regime.