Competitive markets are a sorting machine, directing capital and talent to the places of greatest impact. Today, the most profitable third of publicly listed companies in the US account for two-thirds of total market capitalization, the highest share since data began in 1963. Economy-wide, demand for software, computers, and data center investment drove nearly half of all US GDP growth in 2025 and will likely soon be the majority of US growth. Read our 2025 annual letter:…