The shift of power in America as Wall Street bows to Silicon Valley
“It is a rebalancing of a power relationship between finance and business. Part of this is hard-headed calculus of where money can be made. In a low interest rate environment, the overcrowded hedge fund world is finding it ever harder to make good returns – and banks, in part through regulation and in part through their own necessary newfound caution, are not the money-spinning, high-risk takers they once were. Hi-tech companies are where the financial action is. But that is also because a second industrial revolution is genuinely happening. From machine learning to the printing of synthetic human tissue, human capability is being transformed. Small wonder investors are excited.”
