AI arms race threatens mega-cap tech dominance

Over the last decade, a small group of mega‑cap technology companies has dominated US equity markets. However, the artificial intelligence (AI) arms race has changed the dynamics that created and fuelled their dominance. During the 2010s, three major industries were disrupted, with Alphabet, Amazon, Meta, and Microsoft at the heart of it: • Broadcast media shifted towards digital platforms, streaming services, and social media • On-premises computing infrastructure moved to the cloud • Online commerce took over from physical retail These four companies took advantage of the ideal...