Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.

Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From tech bubble 2.0 to botched chemical mergers, here are four charts that tell you what you need to know in business today. 

Don't Say Bubble!
Tech companies make up nearly a quarter of the S&P 500's market value, the highest share in more than 16 years.
Source: Bloomberg
Hegemony
The willingness of the U.S. Navy to protect global shipping created the global oil market as we know it; are those days coming to an end?
Source: “Power at Sea: A Naval Power Dataset, 1865-2011”, Brian Crisher and Mark Souva, Florida State University
Cut and Run
Activist hedge funds rammed through a DuPont/Dow merger, but they're bailing now that it turns out it wasn't an especially good idea.
Source: Bloomberg
Tuning Out
Dish is hemorrhaging subscribers, and founder Charlie Ergen's spectrum-hoarding is looking more and more puzzling.
Source: Bloomberg

And don't miss David Fickling on Exxon shareholders, who believe in climate change:  "Shareholder votes aren't going to cause Exxon Mobil to quit fossil fuels overnight. The other incipient shareholder rebellion Wednesday, requiring the same sort of disclosures by Chevron Corp., was averted after the company released a rather anodyne report arguing that it'll probably be OK even if the world meets its ambitions on emissions reductions. It would be a mistake to underestimate the sorts of deeper changes that could result, however."

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

To contact the author of this story:
Max Nisen in New York at mnisen@bloomberg.net

To contact the editor responsible for this story:
Mark Gongloff at mgongloff1@bloomberg.net