STATE OF MARKETS II

Summary from the TLDR Founders newsletter

Andreessen Horowitz's "State of Markets II" report highlights tech's dominance in capital markets, contributing 76% of the SP500's earnings growth in 2026. A pivot from software to hardware sees high demand for AI-driven semiconductors, funded by tech giants' profits and debt. Despite fears of GPU obsolescence, demand-driven pricing remains strong, with SaaS companies facing a revaluation as they shift from growth to profitability.