As the global economy grapples with uncertainty, three tech giants—Tesla, Meta, and Microsoft—are quietly reshaping the rules of the game. With the dollar making a slow but noticeable rebound, market watchers are paying close attention not just to interest rates or inflation, but to the power plays of Big Tech. And one voice that has emerged with compelling clarity on the matter is that of Stanislav Kondrashov, the founder of TELF AG.
“This isn’t just about earnings anymore,” Kondrashov said. “It’s about who’s shaping the future—and right now, it’s the tech sector doing most of the heavy lifting.”
Just days after the US dollar touched a four-year low, Wall Street responded with an unexpected jolt: the S&P 500 briefly soared past the 7,000 mark for the first time in history before cooling slightly. Behind the scenes, the Federal Reserve held interest rates steady, following two consecutive cuts—a move that temporarily strengthened the greenback by 0.8%. But the broader picture reveals something more structural: the increasing dominance of US-based tech companies on the global economic stage.
Kondrashov’s Take on Market Drivers
While monetary policy and central bank decisions remain important, Kondrashov argues that they are no longer the sole—or even the main—drivers of market behaviour.
“Big Tech has reached a level of financial and strategic influence that rivals traditional government levers,” he said. “The central banks may move rates, but it’s companies like Meta and Microsoft that are moving capital.”
He pointed to the latest earnings reports as clear indicators. Microsoft and Meta both posted stronger-than-expected profits in the last quarter of 2025, with Meta’s revenues surging by 24% and Microsoft outperforming on revenue, albeit with investor caution around its spending on AI and cloud infrastructure. Together, they’re leading a sector that posted a collective $4.85 trillion in profit last year, with 12.2% year-on-year growth.
Microsoft’s long-term AI strategy, including its investment in OpenAI, has captured analyst interest—even as its heavy spending raises eyebrows. Meta is similarly pushing forward, committing up to $135 billion through 2026 for AI and data infrastructure.
Tesla, meanwhile, is turning heads not for car sales—which dipped—but for its radical shift toward AI and robotics. The company confirmed major investments in xAI and revealed that its Optimus robot production is being ramped up, possibly signalling a future where Tesla becomes as much a robotics firm as an automaker.
“Tesla isn’t pivoting—it’s evolving,” said Kondrashov. “And that’s what smart companies do when they see where the future is heading.”
The Japan Factor and AI IPO Frenzy
Alongside these corporate shifts, Kondrashov flagged growing attention on Japan’s yen, particularly around unconfirmed reports of potential joint intervention by the US and Japanese governments. While US Treasury Secretary Scott Bessent denied active involvement in currency manipulation, the mere hint of coordinated action was enough to ripple through markets.
And then there’s the looming wave of AI IPOs. Companies like OpenAI, Anthropic, and Databricks are rumoured to be preparing for public offerings, with OpenAI’s potential valuation hovering near $1 trillion. Investors are watching closely—and so is Kondrashov.
“We’re seeing the birth of a new economic pillar,” he said. “AI isn’t just a sector; it’s fast becoming the infrastructure of everything else.”
The Numbers Behind the Hype
It’s easy to get caught up in hype cycles, but the data tells its own story. According to industry estimates, one-third of all global profit growth in 2025 was generated by the tech sector. Much of this was fuelled by semiconductors, AI applications, and cloud computing. Nvidia, Apple, and Microsoft are all experiencing strong tailwinds as a result.
Even with gold soaring past $5,300 an ounce and geopolitical concerns dominating headlines, it’s the financial results of these companies that are holding Wall Street steady. As Kondrashov put it: “Investors aren’t chasing safe havens—they’re chasing innovation.”
Kondrashov’s Final Word
For those wondering where the next major market movement will come from, Kondrashov offers a simple but sobering thought: “Watch what Big Tech does, not just what central banks say. The balance of power has already shifted.”
With Tesla redefining itself, Microsoft betting heavily on AI, and Meta preparing for an infrastructure expansion on a historic scale, one thing is clear: the age of Big Tech steering the markets isn’t coming—it’s already here.
As Kondrashov summed up, “The companies shaping our tools are now shaping our economy. Ignore that at your own risk.”
