Pain in the Tech Industry Is Beginning to Hit the Rest of Us

Saying big tech workforces are shrinking is true in the literal sense but is misleading when you look at it at a bigger picture with the hiring frenzy that went on the last 2 years

Here come the bears, on time as usual.

We were -- and remain -- doing just fine.

Layoffs were due to zealous overhiring. The interest environment and recessionary fears have put a slight chill on advertising, but business as usual continues throughout the economy. Especially as the supply chain roars back to normal.

SVB was black swan caused by a weird macro and confluence of errors. There's no contagion. And while a few other banks did similarly dumb things, most will be unscathed. Chase and Bank of America are going to be just fine.

Moreover, the AI tech boom has just begun, and if anything, we'll be entering a new renaissance of tech in just a few years that will make cloud/cellphone/web1.0 look small by comparison.

If I were a journalist, I'd be more concerned tech was going to eat my journalism job by making it possible for every human to ingest a personalized news feed they could digest in just ten minutes that removed all the ads and negativity.

Of course, and by design; the fed are obsessed with curbing inflation, and the best way to do that now is to very conspicuously try to curb wage demands (supply of goods is constrained for it's own reasons, so not amenable to monetary tinkering), starting with an obvious, well-known, and somewhat easy target.