In the past, the largest companies in the index were always replaced by newer companies. Due to this, it is reasonable to assume that the trend will be no different now. However, the tech companies of today are arguably different. They are growing at ridiculous speeds and have an unprecedented amount of cash flow giving them security and the ability to invest in the next big thing. Many of them also provide essential services that newer services will likely be built on top of.
Do you think that this time is different for tech companies or that the pattern of newer companies replacing the old will continue?
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