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The Great Decoupling of Labor and Capital

A programming note: I initially wanted to cover Microsoft’s earnings today, but I am changing the schedule a bit as I felt more inspired to write today’s piece.Almost two decades ago, Hewlett-Packard (HP) was the first tech company to exceed $100 Billion annual revenue threshold in 2007. At that time, HP had 172k employees. The very next year, IBM joined the club, but IBM had almost 400k employees.Today’s megacap tech companies all exhibit a common characteristics: their growth is pretty much de...

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