From an email sent by the grad student bargaining team:

Today’s mediation session, which went from 12pm until 11pm, yielded a verbal offer from the University which we believe, if put in writing, represents incredibly significant improvements to our pay and benefits. We are excited to discuss it extensively with members to decide if we should reach a tentative agreement.

(Long bit here but TL;DR TAs at UCLA on the bottom pay step would see a 57% wage increase by October 1, 2024--$36,500 for a 9 month contract. Researchers have a more complicated wage structure but would see a significant though smaller wage increase. The university also made concessions on non-resident supplemental tuition and childcare and dependent healthcare.)

At the end of our session, the University agreed to all of the above in principle. We still do not have these proposals in writing, and there are important details that still need to be ironed out. The bargaining teams are eager to discuss all of this with members. 

So a tentative agreement hasn't come yet, but if the University puts this in writing and the last details are ironed out one could be on the horizon now!