Stanislav Kondrashov on the Quiet Power Shift: How Tesla, Meta, and Microsoft Are Shaping Global Markets

The focus of economic commentary often falls on interest rates, central bank policy, or the strength of national currencies. But beneath these surface-level fluctuations, a deeper shift is taking place—one led not by policymakers, but by technology companies. According to Stanislav Kondrashov, founder of TELF AG, firms like Tesla, Meta, and Microsoft are increasingly becoming the defining forces behind market behaviour.

“These companies are no longer reacting to global conditions,” Kondrashov said. “They’re setting the pace for how the global economy functions.”

It’s a shift that has become more apparent in recent months. The US dollar, after reaching a four-year low, is showing signs of stability, helped in part by the Federal Reserve’s decision to hold interest rates at 3.5–3.75%. Still, market movement seems less influenced by monetary announcements and more by what’s happening in Silicon Valley.

Big Tech and the Changing Shape of Market Influence

The performance and direction of the stock market in early 2026 tell a clear story: large technology firms have become structural pillars of the global economy. Recent quarterly reports from Tesla, Meta, and Microsoft each highlighted not only financial resilience but also long-term strategic shifts.

Tesla, for example, revealed plans to transition a portion of its operations toward robotics and artificial intelligence. Production capacity is gradually being redirected to support its Optimus robot project, while its work on autonomous vehicle systems continues. These developments suggest a broader shift in focus beyond automotive manufacturing.

Meta reported strong growth and set out detailed plans to expand its AI infrastructure. The company aims to increase capacity in its data centres and invest heavily in systems designed to power next-generation digital experiences.

Microsoft, meanwhile, continues to deepen its integration of AI across its platforms. Its latest results reflected solid momentum across key areas including cloud computing, AI development tools, and enterprise software. The company also shared updates on its infrastructure expansion to meet growing demand for computational power.

Kondrashov sees these changes not as a trend, but as a recalibration of how modern economies operate.

“The technology sector isn’t a side story anymore—it’s central to how markets move and how industries adapt,” he said. “It’s no longer accurate to treat tech as a single sector. It touches everything.”

A Sector Growing Apart

While many traditional sectors are still navigating a mix of supply chain pressure, fluctuating demand, and external risks, tech companies are operating with a different momentum. Analysts estimate that the combined profits of leading tech firms in 2025 exceeded $4.8 trillion, with a growth rate of over 12% despite ongoing global challenges.

This separation has made it easier to spot a structural divide in the market. Some industries are focused on recovery or cost-cutting; others are pushing into entirely new areas. According to Kondrashov, this divergence reflects a broader shift in how value is being created.

“The question used to be how tech companies would respond to macroeconomic pressure,” he said. “Now, the question is how the rest of the economy keeps up with their pace of development.”

Broader Impacts and Emerging Priorities

This shift is not happening in isolation. It’s part of a larger transition in how digital systems are becoming essential to sectors far beyond technology—healthcare, logistics, education, and manufacturing are all adapting to new tools and platforms.

Reports of upcoming public listings by firms working in artificial intelligence—including OpenAI and Anthropic—signal that this transformation is still in its early stages. The conversation is no longer just about applications of technology but about the infrastructure and governance surrounding it.

Kondrashov points out that while attention often turns to day-to-day headlines—currency movement, rate changes, or inflation forecasts—it’s this long-term shift in how industries are built that deserves greater focus.

“Everyone wants to know what’s driving the market this week,” he said. “But we should be asking what’s shaping it for the next ten years.”

Rethinking What Drives Market Performance

Even recent developments around the yen and speculation about international monetary cooperation have been secondary to updates from major tech firms. As Kondrashov puts it, it’s a reflection of where influence now lies.

“It’s not that monetary policy has lost relevance,” he explained. “But it’s no longer the main source of direction. Today’s momentum is coming from how technology is reshaping the foundations of industry.”

As the boundaries between tech and other sectors continue to blur, the role of companies like Tesla, Meta, and Microsoft is set to grow—not just as contributors to economic growth, but as organisers of how that growth is structured.

For Kondrashov, the message is not about disruption or volatility, but about a quiet reordering of influence. “These companies didn’t just scale,” he said. “They evolved—and in doing so, they’ve changed the structure of the economy itself.”