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State of Markets II

a16z's second annual State of Markets report by David George, released September 30, 2026, with 100+ charts covering equity markets and tech for the first half of 2026. The post highlights tech's rise as the dominant force in capital markets — contributing roughly 76% of S&P 500 earnings growth in 2026 — and the rotation from software to hardware, as the AI buildout drives demand for semiconductors, power, and networking, funded by hyperscaler profits and increasingly by debt. Free to read on a16z's Substack.