One thing that has become apparent over the past decade is the growing connectedness between the physical and digital world. VR (Virtual Reality) and AR (Augmented Reality) products have made it possible to explore new universes and to see the existing world in new ways.

Until recently, the concept of taking someone or something viral was mostly reserved for content creators and influencers on platforms such as YouTube, TikTok, Twitter, Instagram, etc. However, last month, the phenomenon took on new life, as millions of users on Reddit and Discord effectively took this playbook to the stock market.

Over the past two years, we have penned two separate letters highlighting some of the most high-profile Initial Public Offerings (IPOs) to hit markets. During that time, many of the companies we’ve discussed have had blockbuster performances, turning from promising unicorns, to high-flying publicly traded companies and ascending well beyond their list price over a very short period of time.

When investors consider potential investment areas, headwinds and tailwinds are important factors that help provide clues about the future of a sector. Take Big Tech as an example. While the biggest names in tech have seen unmatched growth…