The term “disruptive innovation”, coined by Clayton Christensen of Harvard Business School, has been much misused in the tech world. Every start-up likes to style itself a disrupter.

But Christensen, who died late in January, would have appreciated the shock waves from two truly disruptive technologies that have reverberated through Wall Street in recent days. It can take years for the kind of ground-shaking new ideas that he had in mind to take hold. When they do, the shifts in value can be dramatic, as investors scramble to reposition themselves for a new era.

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