Axios - Everything is becoming more concentrated — from merging streaming giants, to a stock market powered by a handful of AI winners, to an economy increasingly driven by the spending of the wealthy.
With fewer participants, winning is harder, whether you're an investor looking for returns, a consumer looking to build wealth or a business trying to compete.
Netflix's victory in bidding to acquire Warner Bros. Discovery's studio and streaming assets, potentially combining two of the world's largest streaming platforms, is part of a larger trend of dealmaking soaring under the Trump administration — due in part to its friendlier regulatory practices.
In streaming, scale has become one of the only viable strategies for growth. (Netflix can't increase its subscriber count forever, which may be why the company stopped reporting that figure in earnings releases.)
The same forces driving consolidation in media are playing out across the economy.
A tiny cluster of AI stocks accounts for 40% of the S&P 500. They've delivered a bull market with back-to-back years of double-digit gains. But a wobble in AI could take down the broader market.
The top 10% of earners in America now make up half of all consumer spending — and any pullback by that small group can drag down growth. Share this story.
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