While these are partially correcting for pandemic-era over-hiring, they also reflect a shift in investor focus from long-term promises to short-term payoffs, in reaction to increased interest rates that make riskier long-term investments less attractive. and Chinese battery manufacturer CATL.įinally, there are the layoffs, now totaling over 400,000 workers through 20 (or roughly 4% to 5% of the total U.S. Rising geopolitical tensions are also affecting tech players-from the Biden administration doubling down on export controls of advanced chip manufacturing equipment to China, to the much-discussed TikTok ban, or the recent calls to halt a partnership between Ford Motor Co. In the U.S., increased public scrutiny over the impact of social media (which is alleged to cause depression and contribute to social polarization) is putting pressure on players like Meta, while Amazon finds itself facing a landmark monopoly case. Now, the CCP is putting pressure on digital entertainment players by severely restricting internet usage for minors. In China, the government launched a crackdown on its tech champions and their superstar CEOs, enhancing data privacy measures and increasing its antitrust vigilance. Recently, however, the growth promise of the technology sector has seemed less certain. Across the Pacific in China, players like Tencent, Alibaba, and privately held ByteDance lead the valuation rankings. All five are currently among the 10 most valuable firms worldwide-with Nvidia and Tesla rounding out the stable of tech giants among the top 10. Leading the pack in terms of total value generated-over the entirety of the nearly 100 years studied-are digital technology players, specifically, the “MAMAA” companies (Meta, Amazon, Microsoft, Apple, and Alphabet), which now constitute more than a quarter of the value of the entire S&P 500.
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