Technology is a funny word. It is, perhaps more than most sectors, a very relative thing. Resources are always – and always have been – resources. We might value some more highly than others at different times in history, but the term itself is clear. Ditto consumer staples, real estate and infrastructure.
But what exactly is technology? We think we know, but at one point it would have included manufacturers of desktop calculators. Before that, photocopy machines. At an earlier stage, the motorcar was the height of technological innovation. And at the dawn of the industrial revolution, it was the Spinning Jenny that turbocharged the productivity of the textiles industry.
In a couple of decades, we might not recognise the sector of today. And many, perhaps most, companies we name-check in 2023 might become relics, in one way or another.
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