idea
Tech are going through a market crash in Q2 2022. The crash started alongside war in Ukraine and general market dip at the end of Covid.
Unlike dotcom bubble of 2000s, this doesn't seem like a total burst, but more targetted issue with profitability for some of the players.
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reference
Tech bubbles are bursting all over the place | The Economist
Persistently unprofitable gig-economy firms look shakier. Uber, the ride-hailing and delivery champion which reported on May 4th that trips and users rose by nearly a fifth year on year in the first quarter, still lost nearly $6bn. The heavy repricing of video-streamers, with multibillion-dollar content expenses and reversing (Netflix) or even steady (Disney) subscriber growth, may be permanent. The same may be true for second-tier firms in areas such as social media (Snap) or e-commerce (Shopify), which are dominated by Meta and Amazon, respectively.
It would be wrong to compare the current tech slump to the bursting of the dotcom bubble two decades ago. Back then companies had neither healthy balance-sheets nor promising business models. Nowadays many of them have both. The stomach-churning market gyrations are unpleasant to a generation of tech founders, workers and investors who have lived a long bull run. But they are unlikely to stop digital technology eating the world. ■