There are a lot of areas that could use more investment but aren't getting it. The way this works is complicated. The best explanation comes from really understanding Moore's Law. The main effect of the law was really about investment, about securing investment into semiconductor fabs rather than anywhere else.

See, every fab costs double what the previous generation did (current ones run roughly 20 gigadollars per factory). And you need to build a new fab every couple of years. But, if you can keep your order book full, you can make a profit on that fab- you can get good ROI on the investment and pay the money people back nicely. But you need to go to the markets to raise money for that next generation fab because it costs twice what your previous generation did and you didn't get that much free cash from your previous generation. And the money men wouldn't want to give it to you, of course. But thanks to Moore's Law you can pitch it as inevitable, if you don't borrow the money to build the new fab, then your competitors will. And so they would give you the money for the new fab because it says right on this paper that in another two years the transistors will double.

Right now, that "it's inevitable, our competitors will get there if we don't" argument works on VCs if you are pitching LLM's or LLM based things. And it doesn't work as well if you are pitching battery technology, fusion power, or other areas. And that's why the investments are going to AI.