Then starting ~2016 Trump and his DoJ made it borderline impossible for Chinese nationals to get visas, specifically targeting research universities. Since then new Chinese skilled immigration has slowed down to a trickle, and there has been a massive "brain gain" of existing talent in China's favor.
The result - China now has a booming tech industry, Chinese universities have overlapped Amercian ones in research output, China is a very close 2nd in the AI race. And as skilled immigrants continue to be driven out of the US China in particular will enjoy the benefits.
(Musk started X.com while on a student visa and didn't get around to securing a work visa until many years later. This rule violation technically renders his U.S. citizenship void under Trump-era immigration rules.)