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I'll let you in on a secret: In the US, most math professors don't seek grants. In most universities, I don't think grants are even a factor in their tenure application. It's quite different from engineering.

In my undergrad math department, only 2-3 faculty members out of a dozen bothered with grants.

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Who will continue to develop neural nets if the mathematics training pipeline dries up? Will we see the frontier labs relinquish AI research to the machines themselves while their humans apply for unemployment benefits?
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Currently math research serves both as a training pipeline and as a math-production pipeline, and its funding is set based on those two outputs. If it is "just" a training pipeline, do we need as many mathematicians?
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Who has been funding grants, and do you really think the grants are going to stop? There are infinite number of puzzles in Mathematics. The grants are not from companies like Boeing and Walmart who urgently need solutions for the problems, if they were I can understand why they might stop.
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