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> until VCs do what China does and start pouring money into hard stuff, not just fluffy software

VCs won't do that, it's not their business model. The only way out is government funding - the way it has been for decades.

5 of the "traitorous eight" from Fairchild Semiconductor were the investors who funded Intel

This happened once.

Intel went on to fund 1500 more companies, 200 of which went public, one of which was Broadcom.