From personal computing to AI: Five waves of U.S. innovation
Chart • October 1, 2026
Source: MSCI data as of June 2026. Innovation waves throughout history in the U.S. equity markets, with companies that reinvented themselves and notable new IPOs in each era. In our IPO data, three largest companies relevant for each innovation wave were picked based on MSCI USA constituent weight.
Personal computing. The internet. Mobile. Cloud. Now AI.
Five waves of innovation have reshaped U.S. equities since the mid-1970s. Across them, a recurring dynamic emerges: established companies reinvent themselves around new technologies while new entrants go public and build the businesses of the next era.
Swipe through five decades of reinvention and renewal.
Sustaining that cycle of innovation takes investment. Annual U.S. corporate R&D spending reached roughly USD 850 billion in June 2026 — more than double that of emerging markets combined and more than three times that of Europe and Japan.