Opinion
The problem with tech giants riding the AI wave
The fact that the behemoths are dominating another wave of digital innovation points to deep dysfunction. No contribution they make can compensate for declining competition.
Ruchir SharmaWriter and investorAs the artificial intelligence wave powers the tech sector higher, giants such as Microsoft and Alphabet are not only gaining dramatically, they are gaining in ways that are changing the arc of technological progress.
Earlier waves of the digital age brought new names to the top of the tech stock charts. But after the crash of 2000, a few huge companies began to entrench themselves, staying on top through the rise of the mobile internet in the 2010s, and flourishing anew in this year’s AI mania. Disruption is fading in the industry where it should be most powerful.
Financial Times
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