I'm trying to show that, for $\lambda$ an infinite cardinal and $\kappa$ any cardinal, that $$\kappa^{<\lambda} = \sup\{\kappa^\theta:\theta<\lambda\land\theta\text{ a cardinal}\},$$ where $\kappa^{<\lambda}=|\bigcup\{{}^\alpha\kappa:\alpha<\lambda\}|$ by definition. (Throughout ${}^\alpha\kappa$ denotes all functions from $\alpha\to\kappa$, and $\alpha$ always denotes an ordinal.)
It is easy to show $\geq$. For the other direction, I have the following sketch for $\lambda$ a limit cardinal:
For each infinite successor cardinal $\aleph_{\eta+1}\leq\lambda$, there is an injection from $\bigcup\{{}^\alpha\kappa:\aleph_\eta\leq\alpha<\aleph_{\eta+1}\}$ and ${}^{\aleph_{\eta+1}}\kappa$, induced by the bijection between $\{\alpha:\aleph_\eta\leq\alpha<\aleph_{\eta+1}\}$ and $\aleph_{\eta+1}$. You have to be careful about zero functions, but since there are only $\aleph_{\eta+1}$ many of them in $\bigcup\{{}^\alpha\kappa:\aleph_\eta\leq\alpha<\aleph_{\eta+1}\}$, it isn't a problem. From this, I think I can get that $$|\bigcup\{{}^\alpha\kappa:\alpha<\lambda\}|\leq\sup\{\kappa^\theta:\theta\leq\lambda\land\theta\text{ a successor cardinal}\},$$ but since $\lambda$ is a limit cardinal, the latter is exactly equal to $\sup\{\kappa^\theta:\theta<\lambda\land\theta\text{ a cardinal}\}$. Does this look reasonable?
If $\lambda=\aleph_{\eta+1}$ is a successor cardinal however, it seems like the above argument doesn't work. At best, it shows that $\kappa^{<\lambda}\leq\kappa^\lambda$, while $\{\kappa^\theta:\theta<\lambda\land\theta\text{ a cardinal}\}=\kappa^{\aleph_\eta}$.