I don't know why anyone thinks it's any different from how it's always been.
The secondary market, i.e., the public market, is not about capitalizing industry. That is the role of the primary market, i.e. the underwriters, i.e. the people with real money who really run Wall Street.
They immediately sell issued stock to the syndicate brokers who have commitments from individual investors, meaning the underwriters knew the price - and profit - they were getting before they paid the issuer for a single share. From then on the shares are in the secondary market, which engages in pure speculation, i.e. gambling, on the future demand for the stock.
The game is perturbed by the infinite variety of corporate structures and bylaws, and by various forms of carrots on sticks (dividends, etc.), but that is and always has just been the variation of games offered by any casino, all of which are rigged in the house's favor, or laid without risk by the house because it doesn't engage in one side or the other of a wager but charges a vig for participation by the players.
And now you know why I also trade in Casino stocks. They never lose (WYNN, LVS, e.g.) unless their management are total fools (CZR, MGM, HRH, BYD, etc.) or crooks (Trump, ecch.).