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>>"Economies have downturns"

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ECONOMIES require tech, regardless of industry, thus a growth in tech - even when there is a plateau in general economic growth....

They still need tech to advance, and adopting that advancement to remain competitive?

Or am I wrong?

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When a few well funded companies absorb all of the growth in headcount do you believe they are allocating resources effectively against the overall economy’s need? That’s what happened here. Company A got cash to burn at no interest. Decided to hire more people and buy more services. Service company B saw a spike in POs and raised more capital to do the same. So up the chain with C,D,E, etc. But when raising money or hiring, none of them strayed too far from their original vision/thesis because boards and the public don’t like that (see: reaction to the Metaverse). So it just concentrated more eyeballs and dollars on a proportionally smaller surface.

Are you saying it isn't possible for tech growth to get ahead of the growth in the overall economy? It certainly has in the past (2000 Dot Bomb).

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