The Re-Industrialization Economy: Why capital is coming back to the physical world

For the better part of two decades, smart money largely treated the physical world as an inconvenience. Atoms were slow, capital-intensive, and low margin. Bits were fast, scalable, and - most importantly - someone else could pour the concrete. Many offshored the making of things, financialized the owning of things, and we told ourselves the exciting companies all lived in software. In the end, we had pointed the most sophisticated capital allocation machine in human history at optimizing ad click-through rates and prompts.