> the hypothesis that every company will be a tech company It's hard to argue that there is a single company in the S&P 500 which does not use technology as pa

> the hypothesis that every company will be a tech company It's hard to argue that there is a single company in the S&P 500 which does not use technology as part of doing its core business. The idea that a company is a tech company may not be so useful. What is your definition of a tech company? Almost every company uses technology in one way or another, but if the breakdown of the S&P is an indication of our true beliefs, then one might say we tend not to categorize them as being in the "tech" sector. I suppose Netflix is an example of a media company that is also a tech company, but I think over time we will restrict the idea of a tech company to harder tech, like semiconductor fabrication and operating system development.