Cathie Wood

That is all starting to change.

But productivity, partly for that reason, companies have been focused on efficiency gains.

And so productivity is close to 2% on a year-over-year basis, which is fairly strong for this time in the cycle.

We think that's going to accelerate to the 5% to 6% range.

as manufacturing comes back, as the entire global economy recovers from, I think, the vestiges of an interest rate cycle that really hurt.

And while GDP didn't show it, and so if you don't dig beneath that headline growth rate, you can't understand this.

When you talk to companies, you definitely understand it.

Well, the way we analyze what's going on in the tech stack is we look at

the infrastructure layers, so chips and data centers.

We look at platform as a service, poster child there is Palantir.

And then applications, including software as a service.

If you think of SaaS, SaaS was really a one size fits all.

What we can do now with companies like Palantir, or even just internally,

We can customize software to our own needs.

We don't need one size fits all.

Now, this is an oversimplification.

I think what will happen in software as a service, and we called it, we said the share is shifting from SaaS to platform.

That's been absolutely right.

We'll probably end up with one or two major SaaS players as they consolidate the market, sort of like retail.

Walmart kind of consolidated the market as Amazon took enormous share.