Mathematics
What is exponential decay?
It's when something shrinks by a percentage of itself each step, instead of by the same fixed amount every time, so the smaller it gets, the smaller each step's loss gets too.
Losing a percentage, not a fixed amount
Going from 128 to 64 loses sixty-four. Going from 8 to 4 loses only four. Same halving rule, much smaller loss, because it's applied to a much smaller number.
Half of what's left, every half-life
Using carbon-14's real half-life of 5,730 years: 22,920 years have passed at this point.
It never quite hits zero
The curve keeps shrinking forever, in theory. In practice, once what's left drops below what an instrument can detect (for carbon dating, that's around ten half-lives), there's no way to tell the real signal apart from noise.
Sources: "21.3 Radioactive Decay," Chemistry 2e, OpenStax. "Radiocarbon Dating," Chemistry LibreTexts. Longer, more technical version: Reference: Exponential Decay.