For decades, artificial intelligence (AI) research has coexisted in academia and industry, but the balance is tilting toward industry as deep learning, a data-and-compute-driven subfield of AI, has become the leading technology in the field. Industry’s AI successes are easy to see on the news, but those headlines are the heralds of a much larger, more systematic shift as industry increasingly dominates the three key ingredients of modern AI research: computing power, large datasets, and highly skilled researchers. This domination of inputs is translating into AI research outcomes: Industry is becoming more influential in academic publications, cutting-edge models, and key benchmarks. And although these industry investments will benefit consumers, the accompanying research dominance should be a worry for policy-makers around the world because it means that public interest alternatives for important AI tools may become increasingly scarce.