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The trend:Collectively, Apple, Microsoft, Amazon, Alphabet, and Meta have lost more than $3 trillion in market value this year, perBloomberg, and signs point to continued struggles for the sector.
Mass layoffs have become the release valve for various Big Tech companies adjusting to a post-pandemic economy and heightened uncertainty as consumer spending and advertising budgets evaporate.
Microsoft CEO Satya Nadella told CNBC, “The next two years are probably going to be the most challenging because, after all, we did have a lot of acceleration during the pandemic and there's some amount of normalization of that demand and, on top of it, there is a real recession in large parts of the world.”
Microsoft, like other technology companies, is reportedly looking inward to determine, “are we as efficient as we need to be competitive?”
Tech’s troubles beyond the jobs outlook:Heightened scrutiny on Big Tech has pulled at its veneer of resilience and continues to expose greater problems within some of these monolithic companies. One big revelation: Charismatic but mercurial CEOs might not be the ideal leaders to navigate companies through periods of turmoil.
Salesforce employees describe a week from hell after the company announced it was cutting 10% of staff or 7,000 employees. An all-hands meeting with Salesforce CEO Marc Benioff was tone-deaf and included jokes about the layoffs ruining Salesforce CTO Parker Harris’ birthday, per Insider.
A reduced focus on security at Twitter exposed 200 million users’ email addresses leaked by hackers.
Amazon’s and Alphabet’s aggressive expansion during the pandemic has now led to sudden contraction, with both companies distancing themselves from moonshot projects and broader consumer electronics ambitions.
Meta’s all-in pivot to the metaverse has painted it into a VR corner, which will make it difficult for the company to pivot away in the future.
Apple’s reliance on China and on iPhones for profits has resulted in monumental losses while pressure mounts for new products in the face of waning innovation.
Key takeaways:Big Tech is facing an economic reckoning that continues to reveal various fundamental weaknesses and problems that could become unmanageable, especially at the scale of these companies.
As a result, Big Tech companies may not be as big of a draw for top talent fearing that their careers could be easily disposable.
This could help other industries attract tech workers and loosen the technology sector’s vise-like grip on innovation.