Everything is Technology

Kevin Kwok... no, the article is by Packy McCormick of Not Boring, and it argues that technology companies will displace incumbents with products so much better that the shift is inevitable, and that "everything is technology." Its supporting examples include Ford displacing the horse-and-carriage industry, Tesla competing directly with automakers, and Uber creating a new addressable market out of fragmented taxi and car-for-hire services. The piece cites Tesla's near $1 trillion market cap, more than twice the combined value of the big automakers when it entered, and says $1 billion exits are now around the 85th percentile, which it uses to defend VC megafund economics.