The same group of large companies (Mag 7) staying at the top for an unusually long time reflects a structural shift toward 'winner-take-all' markets, driven by technological disruption making advertising, cloud, and other businesses increasingly concentrated.
causalpending
Speaker
Aswath DamodaranEvidence Quote
“Meta and um Alphabet entering the advertising business essentially made it a winner-take-all business. So, part of what we're seeing, I think, is that winner-take-all ethos play out in markets.”
Source
Aswath Damodaran: I Am More Cautious Than Ever— The Master Investor Podcast with Wilfred FrostCreated: 8/12/2026, 6:41:25 PM
My Notes
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