Suppose $\kappa$ and $\lambda$ are infinite cardinals and that $\lambda$ is regular. Kunen states somewhere that this means that we have $$\left(\kappa^{<\lambda}\right)^{<\lambda}=\kappa^{<\lambda}$$ I want to prove this. The inequality $\geq$ is clear, so let's focus on the other one. We can also assume $\lambda$ is a limit cardinal. I'm going to mix arithmetic and functional notation a bit, because I find it a bit easier to think this way. So, we're looking at $$\left(\kappa^{<\lambda}\right)^{<\lambda}=\bigcup_{\mu<\lambda}\left(\mu\to\left(\bigcup_{\nu<\lambda}\left(\nu\to\kappa\right)\right)\right)=(*)$$ Since $\lambda$ is regular, for a fixed $\mu$ in the first union, the second union can be shortened to a $\bigcup_{\nu<\zeta(\mu)}$, for some cardinal $\mu\leq\zeta(\mu)<\lambda$. We can now continue the above equality with $$(*)=\bigcup_{\mu<\lambda}\left(\mu\to\sum_{\nu<\zeta(\mu)}\kappa^\nu\right)\leq \bigcup_{\mu<\lambda}\left(\mu\to\zeta(\mu)\cdot\kappa^{\zeta(\mu)}\right)=\sum_{\mu<\lambda}\zeta(\mu)^\mu\cdot\kappa^{\zeta(\mu)}$$
I don't know how to continue from this point. The expression on the right looks a bit like what I want to get, but I feel like my estimates were a bit too rough. I'm also worried that $\zeta(\mu)$ is unbounded in $\lambda$, but I'm sure something of this sort must come into play, because I don't see any other way to use the fact that $\lambda$ is regular.
Suppose that $\sigma\in{^{<\lambda}\left(^{<\lambda}\kappa\right)}$, say $\sigma:\mu\to{^{<\lambda}\kappa}$. Let $\alpha=\sup\{\operatorname{dom}\,\sigma_\xi:\xi<\mu\}<\lambda$. For $\xi<\mu$ define $$\hat\sigma_\xi:\alpha\to\kappa:\zeta\mapsto\begin{cases} \sigma_\xi(\zeta)+1,&\text{if }\zeta\in\operatorname{dom}\,\sigma_\xi\\ 0,&\text{otherwise}\;. \end{cases}$$
Note that $\sigma_\xi$ can be recovered from $\hat\sigma_\xi$. Define
$$\bar\sigma:\mu\times\alpha\to\kappa:\langle\xi,\zeta\rangle\mapsto\hat\sigma_\xi(\zeta)\;;$$
clearly $\sigma$ can be recovered from $\bar\sigma$. Thus, it suffices to show that $$\left|\bigcup_{\mu,\alpha<\lambda} {^{(\mu\times\alpha)}\kappa}\right|\le\left|\bigcup_{\mu<\lambda}{^\mu\kappa}\right|\;.$$
But
$$\begin{align*} \left|\bigcup_{\mu,\alpha<\lambda} {^{(\mu\times\alpha)}\kappa}\right|&=\left|\bigcup_{\mu<\lambda}\;\bigcup_{\alpha,\beta\le\mu}{^{(\alpha\times\beta)}\kappa}\right|\\ &\le\left|\bigcup_{\mu<\lambda}\;\bigcup_{\alpha\le\mu}{^\mu\kappa}\right|\\ &=\left|\bigcup_{\mu<\lambda}\left(\mu\times(^\mu\kappa)\right)\right|\\ &=\left|\bigcup_{\mu<\lambda}{^\mu\kappa}\right|\;. \end{align*}$$