The railroad empire that tech never matched

Five charts to start your day

At the dawn of the 20th century, railroads towered over the US stock market, claiming some 60 to 70 percent of total market value. The railroad connected booming towns and bustling cities, delivering goods and prosperity as it stretched across the continent.

Fast-forward to 2025, and technology sits centre stage, yet it occupies a much smaller slice of market weighting than railroads did at their zenith. Despite the drumbeat of headlines about tech dominance, the sector’s overall share – closer to 30 or 40 percent – reveals a more diffused economic power.