If the Economy Booms, Thank Software

www.wsj.com

A shift has taken place in the economy in recent years: Productivity and growth increasingly flow not from equipment, buildings, or hardware, but from instructions, coding, and data. In other words, software.

Proof is in the chart above — in Q1, for the first time, American companies invested more in software than IT equipment. The cloud has passed the tipping point — what's next is going to be a wild ride!

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