Last week the tech world imploded. Layoffs, slowed hiring, tightening budgets, etc. Though the overall economy is soft, tech seems to be taking a particularly hard hit, perhaps in part due to overbuilding during the good years. Whatever the cause, times are suddenly tight in the tech world.
For those of us who have been through this before, it’s worth remembering that even if the macro economy officially enters recession territory (two consecutive quarters of declining GDP), tech won’t. At least, it hasn’t historically. Tech companies have continued to grow, if more slowly, even in the midst of recessions. Just look at the recent earnings from the cloud providers: robust, if slower, growth. The reason? Companies continue to spend because the cost of not investing at all is to fall behind, perhaps irreparably.
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