It is a very complex phenomenon, with no single driving force. The usual culprit is uncertainty, which itself can have a ton of root causes (say, tariffs changing every few weeks, or higher inflation due to government subsidies).
In more uncertain scenarios small companies can't take risks as well as big companies. The last 2 years have seen AI, which is a large risk these big companies invested in, pay off. But due to uncertainty smallish companies couldn't capitalize.
In more uncertain scenarios small companies can't take risks as well as big companies. The last 2 years have seen AI, which is a large risk these big companies invested in, pay off. But due to uncertainty smallish companies couldn't capitalize.
But that's only one possible explanation!