> Tech industry has just run out of ideas that would promise profits - and that didn't start in 2023.
This, and it’s not getting enough attention.
Big Tech hasn’t had ideas other than acquisitions for decades. Startups aren’t inventing new things, just honing existing tech into an acquirable moat. Their big moonshots have failed one by one, with their two remaining ones - AI (current) and Quantum (next) - on their last legs of patience with shareholders. NFTs, Crypto, the “Metaverse”, Big Data, the Cloud, all of these have had varying degrees of initial success but now see scrutiny in the face of dwindling funds and rising costs, which is forcing Big Tech to try and adapt to being mature entities rather than startups.
It extends from B2B into the B2C realm as well. Yearly refreshes are increasingly underwhelming as components stop scaling like they did in the past, bumping up against physical limitations of materials that can’t be overcome without substantial R&D. R&D that they don’t want to pay for, because it’s high risk and high reward (a scenario tech isn’t really used to anymore). Nobody’s swinging for the fences, just incrementing very slowly over time until someone else does the heavy lifting who they can poach in an acquisition.
It’s bad, ya’ll.