We talk a lot about interest rates, inflation, and consumer sentiment but none of these explain why certain firms can raise prices into falling demand.

Pricing power is the real differentiator. It tells you which industries are structurally concentrated, which ones are functionally dependent on a few players, and where value actually accrues.

Curious how HN thinks about this, especially in sectors like semiconductors, cloud, healthcare, or logistics where concentration drives everything.

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