Productivity is what lets an economy grow without every expansion turning into inflation. What is happening: When output per worker rises, wages and profits can improve with less pressure on prices. That is why productivity is not just an academic series. It shapes the room policymakers have. In practice: A technology wave only becomes macro-relevant when it changes business throughput, not just investor imagination. Watch for: The usual mistake is confusing adoption excitement with measured productivity gains. Useful lens: On the next portfolio review, separate what feels urgent from what is structurally important. A lot of confusion disappears once you separate the headline from the mechanism.