There is also a factor where investors, individual and institutional, invest more through funds and ETFs rather then individual securities. Investors in funds

There is also a factor where investors, individual and institutional, invest more through funds and ETFs rather then individual securities. Investors in funds sometimes get exposure to growth sectors through investment in VC funds. A great example of this is the lack of splits. It used to be that companies would split their stock if the price got above $100 a share or so. The idea was you wanted an individual investor to be able to trade even lots (100 shares) of your stock. Now individual investors hold your stock through a fund or ETF so stocks like Google, Alphabet etc. are expensive per share, but no one cares.