Benedict Evans does a talk each year assessing the state of the tech industry, macro trends, and where we are the technology adoption lifecycle for big, trendy technologies like VR and AI.

This year’s deck from the Nasdaq event in Davos covers some interesting ground. He has sober takes on things like regulation, the “break up big tech” movement, privacy, and also how we analyze particular companies that cross borders from bits to atoms like WeWork, Uber, and others.

In this video interview from the event, he answers the question about “what is a tech company?” in an interesting way:

Sometimes when people say “is that a tech company?” they’re actually saying, “should that be valued like a tech company?”, and that really means “is that a high growth, high margin company with defensible margins?”