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In the world of investing, we're often
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told that tech is king and retail is
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dead. But right now, the stock market is
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telling a very different story. For the
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first time ever, 140-year-old British
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supermarket icon Markx and Spencer is
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worth more than global social media
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giant Snapchat. It is a stunning
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reversal of fortunes. Just a few years
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ago, Snapchat owner Snap Inc. was the
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darling of Wall Street, floating with a
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market cap nearing $100 billion.
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Meanwhile, M&S was struggling to stay
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relevant in a digital first world. But
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look at the numbers today. If you'd put
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£1,000 in Snapshares five years ago,
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you'd be left with just £85 today. A 90%
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crash. But that same,000 in M&S, it
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would have nearly tripled, growing to
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just under £3,000. Why is this
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happening? Snap has spent years
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wrestling with social media titans like
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Instagram and Tik Tok, losing millions
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of users to the vertical video craze. On
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the other hand, M&S stops trying to be
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cool and started being good. Under its
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new chief executive, they've leaned into
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food quality and supply chain
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fundamentals, proving that a solid
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grocery business is more resilient than
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a volatile tech platform. This isn't
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just about Snapchat. It's a trend across
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the buzzy tech sector. Even Cloner, the
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buy now pay later giant, has seen its
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value slash in half since its recent IPO
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and is now also worth less than M&S.
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Investors are shifting their focus from
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potential growth at any cost to reliable
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cash generating businesses. While Snap
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reported major losses, M&S is hitting
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decade highs, shrugging off cyber
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attacks and economic headwinds to
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deliver billion pound profits. The
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lesson for investors in 2026 is clear.
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The hype cycle has its limits.
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High-flying tech stocks are not
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guaranteed success just because they're
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digital. Sometimes the most boring
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businesses, the ones that sell you your
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Sunday roast and school uniforms, are
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the ones providing the safest harbor in
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a stormy market. In a fight between a
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disappearing photo and a 140-year-old
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retailer, the retailer is currently the
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one standing tall. Is the age of tech
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dominance over or is M&S just an
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outlier? Let us know what you think in
