Eric Schmidt: I Used to Run Google. Silicon Valley Could Lose to China

Those academic institutions should funnel more of their capital holdings into salaries that actual are able to compete with market offerings of FANG. Not just for the people with tenure but PhD and supporting staff, no more career merit shenanigans. Computer science research is so profitable in the long run there should never be a similar event to the AI winter ever again.

tl;dr - We need more Government Grants in the US

"My graduate work in computer science in the 1970s and ’80s was funded in part by the National Science Foundation and the Defense Advanced Research Projects Agency.

But in recent years, Americans — Silicon Valley leaders included — have put too much faith in the private sector to ensure U.S. global leadership in new technology. Now we are in a technology competition with China that has profound ramifications for our economy and defense — a reality I have come to appreciate as chairman of two government panels on innovation and national security. The government needs to get back in the game in a serious way."