Why the Second-Place Tech Company Prints More Money (opens in new tab)

The obsession with market leadership in tech is almost theological. Founders pray for it. Investors demand it. Press releases celebrate it. But the company sitting comfortably in second place is often the most profitable business in the room, and that is not an accident. This is not a consolation argument for losers. It is a structural observation about how tech markets actually allocate costs and rewards, and ignoring it has sent otherwise smart companies chasing dominance at the expense of ...