The dominance of today’s largest companies, particularly tech giants like Apple and Microsoft, has led to an extreme market concentration. However, as this paper shows, this is not historically unique.

Computing's evolution, epitomized by Qualcomm/ARM, Samsung/Apple, and Google/Facebook/Uber in the mobile era, shifts from semiconductors to infrastructure to software/services, a pattern expected to repeat in the emerging GenAI era.

Energy transition solutions need to be aligned with the energy trilemma of sustainability, security, and affordability. We see 5 broad building blocks for reaching net-zero longer term.

In this and a follow-up white paper, we will update our outlook on the path to net zero and share our views on what’s needed to get back on track, as well as any relevant investment implications.

The multi-decade development of globalization is reversing, and the implications are broad and profound. In this paper, we explore the implications from the point of view of the industrial economy.