a16z: tech drove 76% of S&P 500 earnings growth, and even A100 rental rates are climbing
a16z Newsletter · rss · 2026-09-30
a16z released State of Markets II, a chart-heavy review of tech and equities in H1 2026.
- Tech contributed 76% of S&P 500 total earnings growth; "tech is the everything cycle."
- AI buildout is rotating capital from bits to atoms — semis, power, robotics — funded by hyperscaler free cash flow and increasingly debt. GPU obsolescence fears look overblown: even A100 rental rates sit at or above start-of-year levels.
- Adoption remains shallow: 30% of S&P 500 firms report quantifiable AI impact but only 2% track metrics; 2% of US households paid for AI services as of April.
- SaaS isn't dying, it's repricing: 75% of software firms are profitable but only 30% grow 20%+.
More from Venture
- Anthropic at $2T vs SpaceX at $1.9T: is the AI lab really worth more? — McDonaghMatthew · 2026-09-30
- GMI Cloud raises Series B led by ARCHIV with NVIDIA, contracted ARR up over 9x — _jaydeepkarale · 2026-09-30
- Agent Economy Deep Dive: 30+ Public Companies Rated for AI Agent Disruption Risk — RihardJarc · 2026-09-30
- Skillry launches 40% affiliate program with commissions on 12 months of renewals — yihui_indie · 2026-09-30
- Founder advice: pitch your money-making idea to smart people who could copy it — jackedAJ · 2026-09-30
- DataFast Hits $1K+/Day More Often, Solo Dev Revenue Keeps Climbing — marclou · 2026-09-30