Throughout 2025, one key theme has dominated the rise in the S&P 500: the gains have been concentrated in large-cap tech stocks. And yet there is also been a stark gap between the winners and the losersWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular contributor on Seeking Alpha since 2017. ...