This has always been the case. VC money has always gone to the last stage of commercialization of technology and not for basic science or long term engineering

This has always been the case. VC money has always gone to the last stage of commercialization of technology and not for basic science or long term engineering projects. That is why you are supposed to have research universities and research government agencies and foundations. What he says is generally correct, but it is not new. So his pessimism is largely unwarranted.