The investments would be going to companies other than FAANG, and there are plenty of software industries that aren't ad-propelled. The reduction of influence from adtech may even be a boon for practical software industries, where currently they are all competing for capital and talent against the VC and revenue of ad-propelled businesses.

I've long said tech wages need to come back to reality, so that the rest of the world can get back to building software for the rest of the world, not just the tech bubble compatible ventures. I think adtech and online advertising propping itself up is part of the problem.