@FinanceYF5: 1/ a16z four charts in a week: AI is repricing everything. Manufacturing reshoring, American drinking habits, search clicks, SaaS stock prices - four seemingly unrelated things point to the same divergence. Those who can't tell an AI story are being left behind.

1/📊 a16z Four Charts This Week: AI is Repricing Everything

Reshoring manufacturing, Americans drinking, search clicks, SaaS stock prices — four seemingly unrelated things point to the same divergence.

Those that can’t tell an AI story are being left behind. 👇 https://t.co/tFHl6Pmos3

1/ a16z Four Charts This Week: AI is Repricing Everything

Reshoring manufacturing, Americans drinking, search clicks, SaaS stock prices — four seemingly unrelated things point to the same divergence.

Those that can’t tell an AI story are being left behind.

2/ Manufacturing: A Mini Boom, Not a Full Reindustrialization

For almost every industrial category, import growth is outpacing the capital stock growth of domestic capacity.

Although the most-needed machinery investment rose from $1.5 billion in 2022 to $3.9 billion in 2025, factory construction outside of semiconductors will only grow by about 3% in 2025. Since 2013, the U.S. has shifted from a net exporter to a net importer of machinery.

3/ Hard Liquor: Don’t Believe “Americans Are Drinking Less”

Hard liquor sales are still up about 4% year-over-year, but growth is almost entirely from two categories: canned ready-to-drink cocktails (RTD, +26%) and non-alcoholic spirits (+70%).

Excluding these two, traditional spirits are down nearly 10% year-over-year. In five years, the RTD market share has more than tripled — convenience is beating mixing.

4/ Search: From “Search and Click” to “Search and Leave”

The share of zero-click searches is approaching 70%, compared to 45% ten years ago, and has risen about 10 percentage points in just the last two years (previously taking five years).

The main driver is AI summaries, which research shows have reduced click-through rates by nearly 60%. Google’s search gateway is becoming harder to monetize.

5/ SaaS V-Shaped Bounce: It Depends on Who You Are

Since October 2025, software stock volatility has doubled (the standard deviation of 5-day performance rose from ±2.0% to ±5.1%). Three outcomes:

• Cybersecurity/observability stocks barely pulled back and have rebounded strongly;
• Stocks with an AI narrative (e.g., Snowflake) have recouped most losses;
• Stocks without an AI story are being continuously repriced and are slow to recover.

6/ Four Domains, One Answer

Industries that can’t fill machinery investment gaps and companies that can’t tell an AI growth story are all being repriced and left behind.

AI is now the yardstick against which all assets are measured.

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