After a dreadful year for tech firms, who will thrive in 2023?

firms, 2022 has been a torrid year. Soaring inflation has squeezed the future earnings value of speculative companies. Consumers have tightened their purse strings. The war in Ukraine and souring relations between China and the West have added to the uncertainty. As a result, the value of high-growth firms that remained unprofitable hasThat stands in stark contrast to 2021.

This year tech firms have had to cut back. One approach has been to stop side projects. Snap, a social-media firm, binned its selfie drone project. The same fate befell a cryptocurrency project at Meta, Facebook’s parent company, and Stadia, Google’s game-streaming service. Another has been to ditch staff . Crunchbase, a data provider, estimates that more than 50,000 American tech personnel have been laid off so far in 2022.

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The valuation of Netflix never made sense to me - it's a great business idea, but what's to stop big money competitors like HBO from coming in and doing it better? Like Uber and ridesharing, it's a great idea but there's nothing proprietary.

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