If anything, I think tech is protected from the effects of the coming recession. Our industry is one of the best poised to maintain business as usual. That said, the impact of the economic effects is coming.
The only worse business right now is probably oil, especially fracking. Those guys are doomed.
It is those "tech" startups who generate little revenue and no profit, but take in VC money into their series D,E,F and G+ for years.
Ultimately, it comes to no surprise that layoffs from such startups would happen at this time since my so called "machine learning crystal ball" predicted this [0] anyway whilst ignoring other earlier vacuous predictions. FAAMNG and other profitable companies will survive this.
Many (most?) companies will survive, the question is in what form.
It's the unsustainable VC funded, near-zero revenue, rapid growth and high costs burn rate so called 'tech' startups which some have IPO'd or some are still raising capital with no plan for a profit that will not survive.
Netflix will be in great shape.
Amazon will be hurt by falling consumer spending but benefit greatly from people transitioning the rest of the retail activity to online shopping.
Apple will probably not sell too many premium goods to people who have just been laid off.
Facebook, Google, and Microsoft, being B2B companies, are subject to the rest of the economy.
Transportation is in big trouble, although food delivery is poised to take off.
The streets are empty and the local gub'mnt has been advising people to avoid gatherings like restaurants and bars. They're open still, and probably slingin mad amounts of food, but all delivery...
How so?
> Our industry is one of the best poised to maintain business as usual.
It may look true from a certain point of view. But things change very fast. A while ago, bankers thought they were immune to disruption in their industry.
Preparing your contingency plan never hurts.