are always changing, there's good reason to expect that the tech sector's lead isn't going to end anytime soon.
"None of the 10 largest companies in the S&P 500 in 1985 were still in the top 10 in 2020, and only one from the list in 2000 remained in the top 10 in 2020," Goldman Sachs said. "Nevertheless, we see three reasons why dominant tech companies may stay bigger for longer in the current cycle than we might have seen in historical technology cycles.
"In this way the tech sector from a policy perspective may be different from others, such as banks, supermarkets or energy companies, where politicians often argue that the benefits are not being passed on to consumers. This does not make technology companies immune from regulation, but it is more likely to come from issues around privacy and use of data, or the impact on mental health, than on pricing.
"The ratio of growth capex as a share of operating cash flow is higher in technology than in any other sector.