A16z releases State of Markets II, highlighting tech's earnings growth

Meta: Meta is a leading technology company operating social media platforms, connectivity services, and investments in artificial intelligence and metaverse technologies. In the news, Meta is cited as an example of big tech monetizing AI services for US users as part of the broader discussion on early-stage consumer AI adoption and the shift toward agentic applications. Google: Google is a major technology company under Alphabet focused on search, cloud computing, advertising, and artificial intelligence development. In the context of this report, Google is highlighted alongside Meta for its AI monetization capabilities, illustrating how hyperscaler profits are fueling the AI buildout while demand for compute continues to grow. David George: David George is a contributor at a16z who authored the State of Markets II report and accompanying podcast analyzing equity markets, tech trends, and the AI cycle. The news directly quotes and features his work introducing data on the rotation from software to hardware, early AI diffusion, and emerging mega-trends like consumer agents and robotics. Tech Cycle: Tech has become the central driver of earnings growth across the S&P 500, evolving beyond a single sector into the dominant force in capital markets and economic cycles. AI Buildout: Big Tech profits from hyperscalers are being converted into semiconductor profits as demand for AI compute drives capital expenditures in hardware and infrastructure. Agent Opportunity: The emerging agentic AI period is positioned to expand far beyond current limited user bases, creating new monetization potential across consumer and enterprise workflows.