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capital return

Notes: Day 2 Tech (Pt.2)
BigTech

Notes: Day 2 Tech (Pt.2)

Summary * Big tech has entered a “Day 2” phase, prioritizing margin expansion, efficiency, and capital returns over growth-at-all-costs. * Rising antitrust pressure and overlapping expansions have intensified competition, forcing continuous innovation even at scale. * Companies are monetizing more aggressively by trading off user and employee welfare, leading to record EBITDA and flatter orgs. * AI is accelerating productivity and revenue across cloud and ads, enabling further cost-cutting
31 min read 25 Jun 2025

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