It’s Doom Times in Tech – The New York Times

The tech enterprise is experiencing an earthquake.

The 5 largest know-how huges Inside the U.S. have collectively misplaced Greater than $2 trillion of inventory market worth this yr. Throughout huge and small corporations, tright here are common bulletins of hiring slowdowns or layoffs, collectively with at Fb, Uber, Robinhood and the superstar video app Cameo. Start-up founders who have been turning away eager buyers A pair of months in the past now should make an effort to get Further money. (Gasp.)

The huge unknown: Is that this meltdown THE BIG ONE Which will boot tech out of its place as In all probability the most dynamic and worthwhile enterprise On the earth? Or, like many occasions Inside The final decade-prolonged know-how progress, is this A quick lived panic?

I requested my colleague Erin Griffith, who reviews on tech start-ups and enterprise capital, To evaluate The current second of fear for know-how.

Shira: Is that this tech doom and gloom significant?

Erin: I Commute, as a Outcome of I’ve seen this cycle so many occasions. Every couple of yrs for the previous decade, anytime Tright here have been some wobbles in know-how or seconds of doubt, smart people predicted that The enlargement of the tech financial system Since the good Recession couldn’t probably final. And Each time, these predictions have been incorrect.

As recently Because the early months of the Covid-19 pandemic, know-how buyers thought a bunch of …….

Source: https://www.nytimes.com/2022/05/31/technology/doom-times-in-tech.html