a16z’s David George on tech’s major contribution to capex

The big takeaway was tech is kind of the everything cycle. So historically tech has not been a major contributor to capex. Now it is tech accounts for 55% of capital spending in the US. Tech now if you look at the stock market uh contributes 76% of the earnings growth incremental earnings growth that happens in the stock market is a result of tech. about 40% of the stock market composition itself is technology. Um, and if you look at just the capital spending side of things, we just surpassed as a percentage of GDP the amount of capex spent on new AI buildout compared to railroads.