As much as they've got large resources, I'm not sure what projects they could reasonably throw a mountain of money at and expect to change things, and presumably benefit from in the future instead of doing it to be a a force of chaos in the industry. Valve's efforts all seem to orbit around the store, that's their main business and everything else seems like a loss-leader to get you buying through it even if it comes across as a pet project of a group of employees.

The striking one for me is their linux efforts, at least as far as I'm aware they don't do a lot that isn't tied to the steam deck (or similar devices) or running games available on steam through linux. Even the deck APU is derived from the semi-custom work AMD did for the consoles, they're benefiting from a second later harvest that MS/Sony have invested (hundreds of millions?) in many years earlier. I suppose a lot of it comes down to what Valve needs to support their customers (developers/publishers), they don't see the point in pioneering and establishing some new branch of tech with developers.