The Globe and Mail reports in its Monday, June 26, edition that in 2020, 90 per cent of the value in the S&P 500 was made up of intangible assets. The Globe's guest columnist Neil Desai writes that this defined software giants such as Microsoft, Google, Amazon, Meta, salesforce.com and, here in Canada, Shopify. These companies grew their revenue at relatively low cost once they found product-market fit. These companies were able to invest in adjacent markets, developing new business lines by hoarding talent and acquiring start-ups. Such was the "techonomics" model of prioritizing intellectual property and market share, one copied across the board by early-stage tech companies. Profitability took a backseat to growth. The low interest rates of the COVID-19 pandemic accelerated this trend. However, it all ground to a halt last year when central bankers raised interest rates to address inflationary pressures. Tech company valuations cratered, and most had difficulty raising new capital. Mr. Desai says companies need to balance growth with profit over a reasonable horizon, as opposed to chasing market share without making money and becoming perpetually dependent on capital raises.