I have been saying same for a long time. I do not see the value in funding semiconductor companies. For all the troubles, no one likes them. Instagram was worth $1B with 5 staff with no bank account while Analog Devices with thousands of staff, $2b+ revenue, great products, history of innovation cannot cross $15B. If people value web firms more and VCs are in this to make money, the best roadmap is to fund web companies.
I noted the point about chips being funded by non-US non-VCs from places like China and India. This is definitely a trend to watch out for, as the source of the money tells us a great deal about the intentions of the project in any situation.