Silicon Valley Has Lost Its Biggest Advantage

In the data-center age, the business of tech companies is more like oil-refining than coding. The AI boom has showered some of the nation's most prominent companies in market value. OpenAI and Anthropic are now the two most valuable private companies in the world. Google, Microsoft, and Nvidia have become larger than ever. But among the biggest winners has been Caterpillar, a purveyor of yellow trucks and cranes.