The Great Unbundling

Former a16z partner and now independent analyst, Benedict Evans [1]: > Every year, I produce a big presentation digging into macro and strategic trends in the tech industry. This year, ‘The great Unbundling’. This is a 134 slide presentation: > Covid brought shock and a lot of broken habits to tech, but mostly, it accelerates everything that was already changing. 20 trillion dollars of retail, brands, TV and advertising is being overturned, and software is remaking everything from cars to…

The question is how fast. I remember in the late 90s, me and some friends discovered the internet and went "Woah! Letters, books, shops, work, study, gaming ... pretty much everything will take place in this virtual realm soon!". We were right. Except for the "soon". When the first internet café opened, we started spending a lot of our time there, meeting lots of interesting people. Everything outside the internet already seemed anachronistic to us. What I didn't expect back…

I follow his work and subscribe to his newsletter. His podcast with Toni is pretty good too. In that work you see him form his overall thesis that culminates in these slides. It would be interesting to hear the talk behind these slides and any audience questions. The big takeaway I got from this is that tech is still eating the world and there is still a lot of potential. It is not necessarily crypto (that's at least 5 years…

PDF version since Ben doesn't provide links to his presentations other than the everchanging top level for whatever reason November 2025: https://www.ben-evans.com/s/2025-Autumn-AI.pdf