I would go further: the idea that great research comes out of the private sector is a myth perpetuated by self-aggrandizing corporate heads. Even most AI research is the result of decades of academic work on cognitive science coming out of universities. (The big exception is transformer technology coming out of Google.) mRNA vaccines are based on publicly funded university research too. All the tech in smartphones like GPS and wifi comes from publicly funded research. The fact is, science works best when it’s open and publicly accountable, which is why things like peer review exist. Privatized knowledge generation is at a disadvantage compared to everyone openly working together.
The private sector is very good at the consumer facing portion of innovation, like user experience, graphical interfaces, and design. But the core technologies, with rare exception, almost never came out of the Silicon Valley.