To be honest, most of the funding and deeply interesting work for ground breaking Ai research lies in the public and defense sector. They have more of an idea and vision for what Ai can be applied to than the private sector. Leaps and bounds beyond.
In the private sector, I get asked questions like 'Can it be used to predict if someone will click on an ad'. In the public sector, I get a 40 page technology acquisition pdf outlining a forward thinking application of Ai.
People forget that self driving cars arose from Darpa research. The latest innovations in computer security utilizing Ai came from a Darpa competition. IBM's neuromorphic chip : darpa funding. Darpa and other defense programs also have a slew of Ai development projects open to researchers.
Ultimately I find this a bit ridiculous given how vocal some individuals in the tech field are about the 'dangers of Ai'. They harp and harp about what could happen if more capable Ai gets developed but you don't see their money anywhere near the groups doing deeper development in Ai.
Lastly.. Yes, better solutions and more deeply inspired approaches to Ai will trump hoards of data and compute power any-day. Thank goodness for the public sector pushing forward fundamental research and development in Ai.