Our estimates suggest that ITIC accounted for about 25% of firms’ total assets by 2016 and that this capital is disproportionately owned by small subset of “superstar” firms. During most of the period we examine, these assets depreciated close to the same rate as R&D, but depreciation rates appear to have been accelerating with the diffusion of AI-based innovations.
Big tech are the New Bankers.
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