It is the most exclusive club in the world. Shares in companies which are, have been recently or are likely to be in the near future, worth over $1 trillion. It is not easy to build a business which is worth $1,000,000,000,000 and all the companies in this club are part of the fastest period of change that Homo Sapiens has ever known, the technology revolution.
This revolution is not only proceeding at an incredible pace but it is even accelerating. It is being driven by a tsunami of r&d spending with members of the club alone spending over $200bn a year on research & development (this figure includes content spend at Amazon and is for seven companies including Meta Platforms).
The latest dramatic development, exemplified by the astonishing success of ChatGPT, is what has become known as generative artificial intelligence, AI for short. This seems so powerful that influential voices are warning that it may even pose an existential threat to humanity.
In the happy position of having no expert knowledge of the subject whatsoever my gut feeling is that this fear is overblown and that as Jensen Huang of Nvidia and Bill Gates, founder of Microsoft, seem to think instead it will be a source of great breakthroughs and huge opportunities.
Whatever, it is already starting to have a dramatic impact on the stock market, and again my suspicion is that we could be in the early innings of a historic stock market boom.
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