There are pronounced differences in the extent to which industrial and academic AI labs use computing resources. We provide a data-driven survey of the role of the compute divide in shaping machine learning research. We show that a compute divide has coincided with a reduced representation of academic-only research teams in compute intensive research topics, especially foundation models. We argue that, academia will likely play a smaller role in advancing the associated techniques, providing critical evaluation and scrutiny, and in the diffusion of such models. Concurrent with this change in research focus, there is a noticeable shift in academic research towards embracing open source, pre-trained models developed within the industry. To address the challenges arising from this trend, especially reduced scrutiny of influential models, we recommend approaches aimed at thoughtfully expanding academic insights. Nationally-sponsored computing infrastructure coupled with open science initiatives could judiciously boost academic compute access, prioritizing research on interpretability, safety and security. Structured access programs and third-party auditing may also allow measured external evaluation of industry systems.