John D. Rockefeller's oil monopoly, built in the late 19th century by controlling refining, logistics, and distribution rather than inventing new technology. William Hockey uses Standard Oil as the parallel for how he thinks the AI era will actually play out: value accrues to the incumbent distributors who harness the new infrastructure better than anyone, not to the wave of "AI startups." In banking specifically, he thinks this means JPMorgan Chase and Wells Fargo, not fintech disruptors.