Stock market classifications — such as those for “tech” stocks like Tesla — are “arbitrary” and of “limited use”, according to one of the carmaker’s biggest investors. And that is because tech is everywhere.

“Instead of classifying a company as a ‘tech’ stock, we categorise companies by the key societal change they are exposed to, for example the rise of online commerce, the evolution of entertainment and the application of machine learning,” said Gary Robinson and Helen Xiong, Managers of Baillie Gifford US Growth Trust.