What America’s largest technology firms are investing in

WHEN CORPORATE bosses want to impress investors they increasingly reach for the i-word. Mentions of “innovation” during the earnings calls of S&P500 firms have almost doubled in the past decade. And no other sector talks about it as much as the technology companies do. For Hewlett-Packard, a printer and personal-computer maker, innovation has on occasion become what location is to estate agents and education to Tony Blair: so important it has to be said three times in quick succession.

Do they protest too much? Throughout that decade some critics held that the technology sector was not delivering as much innovation as it should. When Tim Cook, the boss of Apple, said that 2020 was the firm’s “top year of innovation, ever” thanks to the release of the new iPhone, Mac and other devices and services it was possible to feel he might be going some way towards making the critics’ case for them. The things the products could do and the ease with which they did them represented a remarkable achievement. Yes, computing power kept increasing, and software kept doing more. But where were the flying cars, robot footmen and headsets through which to meld minds?