The Atlantic

The Attention Economy Is a Malthusian Trap

Big tech companies now trade at one of the smallest premiums in history.
Source: Jason Lee / Reuters

On September 28, 2018, tech died.

That’s according to a widely circulated eulogy prepared by Vincent Deluard, a strategist at INTL FCStone, a financial-services company. “If technology is everywhere, the tech sector no longer exists,” he wrote. “If the tech sector no longer exists, its premium is no longer justified.” When the Financial Times got its hands on the document, it leaned into the death thesis, declaring: “The tech sector is over.”

In news reports, has several definitions. When it applies to a person, it means the end of life. When it applies to a company or industry, it means the end of growth. Print is , live TV is , and Millennials killed ; but you can still read a print newspaper with the TV on while eating a cheeseburger.

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