Paul Winter of UBS' quantitative research team says that as new technologies like machine learning, natural language processing, and computer vision transform businesses, the biggest and richest companies are reaping more benefits than anyone else. That puts them in a class by themselves.
The result is increasing industry concentration, which enables more investment in technology. And he says that pattern is playing out across the world, although it's especially clear in some tech and consumer sectors and in the US, China, and Asia-Pacific region. All of that is helping a small number of expensive, high-growth companies that investment professionals almost have to own if they want to keep up at the market, Winter says.
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