The yr is 2034. America’s “magnificent seven” corporations make up nearly everything of the nation’s stockmarket. For Jensen Huang, the boss of Nvidia, one other knockout quarterly revenue means one other dizzy proclamation of a “tipping level” in synthetic intelligence. No one is listening. The lengthy march of passive investing has put the final stockpickers and stock-watchers out of a job. Index mutual and exchange-traded funds (ETFs)—which purchase a bunch of shares fairly than guessing which of them will carry out finest—dominate markets utterly. Capitalism’s massive questions are hashed out in non-public between just a few tech bosses and asset managers.
