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A universal characterization of higher algebraic K-theory

In this paper we establish a universal characterization of higher algebraic K-theory in the setting of small stable infinity categories. Specifically, we prove that connective algebraic K-theory is the universal additive invariant, i.e., the universal functor with values in spectra which inverts Morita equivalences, preserves filtered colimits, and satisfies Waldhausen's additivity theorem. Similarly, we prove that non-connective algebraic K-theory is the universal localizing invariant, i.e., the universal functor that moreover satisfies the "Thomason-Trobaugh-Neeman" localization theorem. To prove these results, we construct and study two stable infinity categories of "noncommutative motives"; one associated to additivity and another to localization. In these stable infinity categories, Waldhausen's S. construction corresponds to the suspension functor and connective and non-connective algebraic K-theory spectra become corepresentable by the noncommutative motive of the sphere spectrum. In particular, the algebraic K-theory of every scheme, stack, and ring spectrum can be recovered from these categories of noncommutative motives. In order to work with these categories of noncommutative motives, we establish comparison theorems between the category of spectral categories localized at the Morita equivalences and the category of small idempotent-complete stable infinity categories. We also explain in detail the comparison between the infinity categorical version of Waldhausen K-theory and the classical definition. As an application of our theory, we obtain a complete classification of the natural transformations from higher algebraic K-theory to topological Hochschild homology (THH) and topological cyclic homology (TC). Notably, we obtain an elegant conceptual description of the cyclotomic trace map.