10 stocks right now in the U.S. are nearly 50% of the S&P, and they're all levered to the same trend.

The same thing is happening in the global fixed income market.

And so if you're an investor and you're looking for diversification, there's no place to get it other than private markets.

Great companies, Anthropic, OpenAI, SpaceX, Anderol, every one of those companies is private, multiple trillion dollars,

and yet most investors have zero exposure to them.

Jason wrote this piece over a decade ago that software's eating the world. And that feels more

true than ever as AI proliferates all parts of the economy. We operate under the assumption

that every job is going to be replaced or enhanced.

2025 was just proof of concept that data centers and chips and energy were all needed.

26, the market is starting to recognize that if this continues,

everyone who is an investor is going to be...

In 1990, Mark Rowan walked out of Drexel with his belongings in a cardboard box.

Within a year, Apollo was managing $6 billion.

What started as a distressed investing firm in the aftermath of a financial crisis,

eventually became one of the world's largest alternative asset managers,

spanning private credit, retirement services,

and financing for some of the

largest industrial and technology shifts underway today. Now another transition is happening.

AI, robotics, energy infrastructure, and data centers are creating enormous new capital demands,

forcing finance and technology to converge in ways that barely existed a decade ago.

A16Z's David Haber speaks with Mark Rowan about building Apollo, the evolution of private markets,

and financing the next industrial era.

...