The internet is mostly complete. Where does tech go from here?

The tech industry is at a crossroads as the internet nears completion, leading to questions about future growth and investment opportunities. The discussion highlights two main components of the U.S. tech sector: large IT companies like Apple and Google, and the venture capital-backed startup ecosystem. The immense financial returns from these companies have driven interest in tech investments, with examples like Amazon showcasing extraordinary growth from minimal initial funding. However, the author suggests that the potential for similar returns may diminish as the foundational infrastructure of the internet is largely established. While there are still opportunities in areas like AI and deep tech, the author expresses skepticism about whether these sectors can replicate the explosive growth seen in the past. The analogy is drawn to historical industries, such as railroads and telecommunications, which once thrived but have since stabilized into slower-growing entities. As the global internet infrastructure approaches completion, the tech industry may face challenges in sustaining the same level of financial excitement and innovation that characterized its earlier years.

- The tech industry is transitioning as the internet nears completion.

- Large IT companies and venture capital-backed startups dominate the perception of the tech sector.

- Historical examples suggest that industries can stabilize after initial explosive growth.

- Future growth in tech may be limited, with skepticism about new sectors replicating past successes.

- The completion of global internet infrastructure may impact investment opportunities in tech.