✍️ I’ve had a working thesis for years now that society is undergoing a massive structural shift: the most powerful entities, in many ways are no longer governments, but megacap technology corporations. • More than 4 billion people use $GOOG regularly • more than 3 billion use $META products • $AAPL has more than 2.5 billion active devices These companies transcend any one government admin or any collection of countries. They have tentacles reaching into the daily lives of humans, globally, on with scale + depth that governments could only dream of. And they are not bogged down by bureaucracy - on the contrary, they are supercharged by capitalism. In order for government entities to function at all today, they are entirely reliant on big tech. And now, we have further confirmation of my thesis becoming all too clear on the bond market: Alphabet issued 100-year bonds with a 6.125% coupon, maturing in 2126! They have the structural integrity to earn investor confidence doing so. If they are the more powerful or more reliable entity compared to governments, then their bonds are more favorable to investors, and governments (the previous standard of reliability) have no choice but to raise rates to keep up. Supply and demand at work here. But this is just a recently surfaced example of the wide-reaching implications that this generational shift in global society structure will bring (and has already brought). Thank you for listening to my Ted Talk