{"id":186324,"date":"2023-03-08T10:30:00","date_gmt":"2023-03-08T15:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=186324"},"modified":"2023-03-08T13:31:49","modified_gmt":"2023-03-08T18:31:49","slug":"inflection-points-march-2023-beneficiaries-of-innovation-beyond-big-tech","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/inflection-points-march-2023-beneficiaries-of-innovation-beyond-big-tech\/","title":{"rendered":"Inflection Points \u2013 March 2023: Beneficiaries of Innovation Beyond Big Tech"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Editor\u2019s Note:<\/strong>&nbsp; Inflection Points is a monthly series intended to explore the underlying trends, dynamics and opportunities shaping the thematic investing landscape. Click&nbsp;<a href=\"https:\/\/www.globalxetfs.com\/#subscribe\">here<\/a>&nbsp;to receive future updates via email.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A major sea change is underway as the benefits of investing in innovation are democratized across the economy. For the past decade, big tech yielded disproportionate returns from innovation.<sup>1<\/sup>&nbsp;The big tech companies, defined here as Meta Platforms, Microsoft, Amazon, Apple, Netflix, and Google (MMAANG), were toll takers for the internet, and they reinvested their windfall cash flow to sustain technological leadership. But after a decade of maintaining higher returns on invested capital and growth in capital expenditure, the benefits of innovation are spreading to more players, which should be positive for the economy overall.<sup>2<\/sup>&nbsp;A broader base of winners from technology adoption could propel market gains and the next generation of growth companies even as big tech\u2019s leadership softens.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-takeaways\">KEY TAKEAWAYS<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Large cap tech firms captured much of the returns from innovation over the last decade, but that trend has started to shift as productivity-enhancing technology becomes more ubiquitous.<\/li>\n\n\n\n<li>Companies seem to have learned that investing in innovation is a strategic imperative, and they are yielding greater rewards as capital expenditure (capex) increases rapidly.<\/li>\n\n\n\n<li>Certain areas of thematic growth potentially offer a way of capturing returns from a broader set of companies involved in the next wave of innovation while helping reduce big tech concentration.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-beyond-the-decade-of-big-tech-domination\">Beyond the Decade of Big Tech Domination<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Big tech may well be the most remarkable profit-producing machines in the history of capitalism. Through a combination of investment, innovation, intense competition, and a bit of happenstance, these companies dominated the last decade. Their business models focused on monetizing end users through a diverse revenue mix drawn from product sales, memberships, subscriptions, and advertising.<sup>3<\/sup>&nbsp;These models resulted in network effects where the value of a product increases with the number of users.<sup>4<\/sup>&nbsp;The telephone is a prime example.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How dominant was big tech? Over the last 10 years, big tech\u2019s returns on invested capital (ROIC) was almost triple that of the other 494 companies in the S&amp;P 500 Index (see chart).<sup>5<\/sup>&nbsp;Those excess returns over the broader S&amp;P 500 were successfully reinvested, generating excess returns for shareholders. The market value of the big tech firms grew at almost 19% annually, compared to the broader S&amp;P 500 at just shy of 10%.<sup>6<\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That dominance, however, is starting to fray. ROIC for the six big tech firms has been in decline since 2020, while that of the S&amp;P 494\u2019s increased. The differential remains meaningful, but the gap is narrowing.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"571\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_06-1100x571.png\" alt=\"turning tide in return on invested capital\" class=\"wp-image-186331 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_06-1100x571.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_06-700x363.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_06-300x156.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_06-768x399.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_06-1536x797.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_06-2048x1063.png 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/571;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The S&amp;P 494 lagged big tech in reinvestment over the past decade, but that trend is also shifting. Big tech\u2019s average annual capex growth was above 30%, well above the S&amp;P 494\u2019s average growth near 2%.<sup>7<\/sup>&nbsp;That gap started closing during the pandemic and continued to close through the economy\u2019s reopening (see chart). The S&amp;P 494 grew capex relatively rapidly during this period, while big tech slowed spending amid concerns over margins and pulled forward growth. By Q4 2022, S&amp;P 494 capex spending growth was 13% year-over-year, compared to big tech at 18%.<sup>8<\/sup><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"572\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_08-1100x572.png\" alt=\"capex growth converges\" class=\"wp-image-186330 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_08-1100x572.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_08-700x364.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_08-300x156.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_08-768x400.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_08-1536x799.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_08-2048x1066.png 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/572;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-old-world-companies-embrace-new-world-tech\">Old World Companies Embrace New World Tech<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Two spending trends are notable. First, many companies increased their capital expenditure during the pandemic to onboard new capabilities like productivity tools, cloud infrastructure, and automation.<sup>9<\/sup>&nbsp;Those investments helped firms sustain margins as costs of labor and materials rose, passing only half of producer price increases along to consumers.<sup>10<\/sup>&nbsp;Potentially even more powerful, companies continued increasing capex despite negative GDP growth in early 2022 and the slowing earnings growth expected in 2023.<sup>11<\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Non-tech companies embrace of new technologies to deliver innovative products and improve their processes crosses industries. Agricultural and construction equipment company Deere &amp; Co., for example, made significant strides in automating tractors for harvesting, integrating drones for crop dusting, and developing a network of satellites to facilitate information sharing.<sup>12<\/sup>&nbsp;Emerson Electric started manufacturing AC motors used in electric fans in 1890, and today the company provides industrial products that integrate sensors and software for industrial automation.<sup>13<\/sup>&nbsp;A new standard for leading consumer appliance companies like Samsung and Whirlpool is integration of sensors and software into ovens and washing machines that can be synched with mobile phones.<sup>14<\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are numerous examples of process innovation such as traditional retailers use of mobile apps and payment systems to create a seamless customer experience. They also leverage emerging technologies like virtual reality for employee training.<sup>15<\/sup>&nbsp;The real estate, furniture retail, and factory design industries benefit from digital 3D models.<sup>16<\/sup>&nbsp;Delivery companies increasingly rely on advanced algorithms to improve throughput with existing resources.<sup>17<\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Embracing productivity-enhancing tools is good business. The S&amp;P 494 now generates higher net operating profit after tax (NOPAT) per dollar of capital expenditure than big tech (see chart).<sup>18<\/sup>&nbsp;Ten years ago, big tech generated almost $4 of NOPAT per $1 of capital investment, but by Q4 2022 that was down to $1.71. During that period, the S&amp;P 494 gradually improved from $1.48 of NOPAT per $1 of capital investment to almost $1.80.<sup>19<\/sup>&nbsp;This helps explain why companies beyond big tech have grown their capex more aggressively. They are enjoying a bigger piece of a growing pie.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"592\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_07-1100x592.png\" alt=\"net operating after tax to capex improving ex big tech\" class=\"wp-image-186329 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_07-1100x592.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_07-700x377.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_07-300x162.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_07-768x413.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_07-1536x827.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_07-2048x1103.png 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/592;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Positioning for Diffusion of Returns from Innovation<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A growing base of corporate investment is good for the economy, and as that grows, investors may want to look at ways that innovation creates new opportunities beyond the big tech names that won the last decade. Thematic options as opposed to some growth indexes may offer greater diversification while still providing exposure to innovative and critical economic segments. Many growth indexes like the Nasdaq 100 and Russell 1000 Growth have significant concentrations in big tech, which would further concentrate investors with exposure to a broad index like the S&amp;P 500 (see chart).<sup>20<\/sup><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"672\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_05-1100x672.png\" alt=\"thematics limited big tech exposure\" class=\"wp-image-186328 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_05-1100x672.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_05-700x428.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_05-300x183.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_05-768x469.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_05-1536x939.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_05-2048x1252.png 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/672;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Thematic opportunities in exciting areas like Robotics and Artificial Intelligence, Cybersecurity, Internet of Things, Clean Technology, and U.S. Infrastructure have relatively low big tech allocations. These themes can allow investors to reduce big tech exposure while also providing access to hotbeds of future economic innovation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Inflection Point Theme Dashboard<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"672\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_01-1100x672.png\" alt=\"monthly price change\" class=\"wp-image-186327 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_01-1100x672.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_01-700x428.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_01-300x183.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_01-768x469.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_01-1536x939.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_01-2048x1252.png 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/672;\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"571\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_02-1100x571.png\" alt=\"Google Trends Search Data\" class=\"wp-image-186326 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_02-1100x571.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_02-700x363.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_02-300x156.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_02-768x399.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_02-1536x797.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_02-2048x1063.png 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/571;\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"685\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_03-1100x685.png\" alt=\"changes in forward price-to-earnings multiples\" class=\"wp-image-186325 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_03-1100x685.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_03-700x436.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_03-300x187.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_03-768x478.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_03-1536x956.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/230228-Inflection-Points-Feb_03-2048x1275.png 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/685;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>FOOTNOTES<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Global X analysis with information derived from: Bloomberg L.P. (n.d.) [Data set]. Retrieved on February 24, 2023.<\/li>\n\n\n\n<li>Ibid.<\/li>\n\n\n\n<li>Gurau, M. (13 July 2020). How Three Of The Biggest Tech Companies Blend Business Models To Create Nonordinary Competition. Forbes. https:\/\/www.forbes.com\/sites\/forbestechcouncil\/2020\/07\/13\/how-three-of-the-biggest-tech-companies-blend-business-models-to-create-nonordinary-competition\/?sh=531593e1240c.<\/li>\n\n\n\n<li>Zhu, F. and Iansiti, M. (January-February 2019). Why Some Platforms Thrive and Others Don\u2019t. Harvard Business Review. https:\/\/hbr.org\/2019\/01\/why-some-platforms-thrive-and-others-dont.<\/li>\n\n\n\n<li>Global X analysis with information derived from: Bloomberg L.P. (n.d.) [Data set]. Retrieved on February 24, 2023.<\/li>\n\n\n\n<li>Ibid.<\/li>\n\n\n\n<li>Ibid.<\/li>\n\n\n\n<li>Ibid.<\/li>\n\n\n\n<li>The Economist. (8 December 2020). The pandemic could give way to an era of rapid productivity growth. https:\/\/www.economist.com\/finance-and-economics\/2020\/12\/08\/the-pandemic-could-give-way-to-an-era-of-rapid-productivity-growth.<\/li>\n\n\n\n<li>Global X analysis with information derived from: Bloomberg L.P. (n.d.) [Data set]. Retrieved on February 24, 2023.<\/li>\n\n\n\n<li>Ibid.<\/li>\n\n\n\n<li>Woods, B. (2 October 2022). How John Deere plans to build a world of fully autonomous farming by 2030. CNBC. https:\/\/www.cnbc.com\/2022\/10\/02\/how-deere-plans-to-build-a-world-of-fully-autonomous-farming-by-2030.html<\/li>\n\n\n\n<li>(9 August 2022). Emerson Electric profit jumps 47% on strength in automation unit. https:\/\/www.reuters.com\/business\/retail-consumer\/emerson-quarterly-profit-rises-strength-automation-unit-2022-08-09\/.<\/li>\n\n\n\n<li>Haas, S., Loughlin, R., Quinn, B., and Roth, E. (22 April 2022). The next frontier in consumer goods: Digitally enabled innovation. McKinsey. https:\/\/www.mckinsey.com\/capabilities\/strategy-and-corporate-finance\/our-insights\/the-next-frontier-in-consumer-goods-digitally-enabled-innovation.<\/li>\n\n\n\n<li>Sisson, P. (15 November 2018). In Walmart\u2019s virtual reality simulation, Black Friday never ends. Vox. https:\/\/www.vox.com\/the-goods\/2018\/11\/15\/18092456\/walmart-virtual-reality-black-friday-vr.<\/li>\n\n\n\n<li>Nicoara, B. (20 December 2022). How this technology will transform commercial real estate in 2023. Entrepreneur. https:\/\/www.entrepreneur.com\/starting-a-business\/this-tech-will-transform-commercial-real-estate-in-2023\/440197.<\/li>\n\n\n\n<li>Shields, N. (20 July 2018). UPS is turning to predictive analytics. Business Insider. https:\/\/www.businessinsider.com\/ups-using-predictive-analytics-algorithm-2018-7.<\/li>\n\n\n\n<li>Global X analysis with information derived from: Bloomberg L.P. (n.d.) [Data set]. Retrieved on February 24, 2023.<\/li>\n\n\n\n<li>Ibid.<\/li>\n\n\n\n<li>Ibid.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>GLOSSARY<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Theme Dashboard \u2013 Reference index for each theme:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Blockchain \u2013 Solactive Blockchain Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Disruptive Materials \u2013 Solactive Disruptive Materials Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lithium &amp; Battery Technology \u2013 Solactive Global Lithium Index.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FinTech \u2013 Indxx Global FinTech Thematic Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cloud Computing \u2013 Indxx Global Cloud Computing Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Robotics &amp; AI \u2013 Indxx Global Robotics &amp; Artificial Intelligence Thematic Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">China Biotech Innovation \u2013 Solactive China Biotech Innovation Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Artificial Intelligence \u2013 Indxx Artificial Intelligence &amp; Big Data Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cybersecurity \u2013 Indxx Cybersecurity Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Millennial Consumer \u2013 Indxx Millennials Thematic Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">E-commerce \u2013 Solactive E-commerce Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Genomics &amp; Biotechnology \u2013 Solactive Genomics Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Data Center REITs &amp; Digital Infrastructure \u2013 Solactive Data Center REITs &amp; Digital Infrastructure Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Social Media \u2013 Solactive Social Media Total Return Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Solar \u2013 Solactive Solar Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Autonomous &amp; Electric Vehicles \u2013 Solactive Autonomous &amp; Electric Vehicles Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Education \u2013 Indxx Global Education Thematic Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Telemedicine &amp; Digital Health \u2013 Solactive Telemedicine &amp; Digital Health Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hydrogen \u2013 Solactive Global Hydrogen Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Internet of Things \u2013 Indxx Global Internet of Things Thematic Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Emerging Markets Internet \u2013 Nasdaq CTA Emerging Markets Internet &amp; E-commerce Net Total Return Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">U.S. Infrastructure Development \u2013 Indxx U.S. Infrastructure Development Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cannabis \u2013 Cannabis Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CleanTech \u2013 Indxx Global CleanTech Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">AgTech &amp; Food Innovation \u2013 Solactive AgTech &amp; Food Innovation Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Health &amp; Wellness \u2013 Indxx Global Health &amp; Wellness Thematic Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Renewable Energy Producers \u2013 Indxx Renewable Energy Producers Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aging Population \u2013 Indxx Aging Population Thematic Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Metaverse \u2013 Global X Metaverse Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Clean Water \u2013 Solactive Global Clean Water Industry Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Wind Energy \u2013 Solactive Wind Energy Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Video Games &amp; Esports \u2013 Solactive Video Games &amp; Esports Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Green Building \u2013 Solactive Green Building Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted March 6, 2023 &#8211; <a href=\"https:\/\/www.globalxetfs.com\/inflection-points-march-2023-beneficiaries-of-innovation-beyond-big-tech\/\">Inflection Points \u2013 March 2023: Beneficiaries of Innovation Beyond Big Tech<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Information provided by Global X Management Company LLC.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information is not intended to be individual or personalized investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and\/or tax situation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Large cap tech firms captured much of the returns from innovation over the last decade, but that trend has started to shift as productivity-enhancing technology becomes more ubiquitous.<\/p>\n","protected":false},"author":580,"featured_media":186331,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,26,3],"tags":[3038,2731,14472],"contributors-categories":[13641],"class_list":["post-186324","post","type-post","status-publish","format-standard","has-post-thumbnail","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-big-tech","tag-inflection-points","tag-tech-outlook","contributors-categories-global-x-etfs"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Inflection Points \u2013 March 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