Doubt hovers over job-cutting tech giants

A sign is posted in front of Meta headquarters on April 28 2022 in Menlo Park, California. Picture: GETTY IMAGES/JUSTIN SULLIVAN

Given how intrinsically technology is woven into our lives — and how it will pioneer new avenues through augmented reality, streaming services, artificial intelligence and more — the broader tech boom of the past two decades seems set to continue in the long run. It is worth noting that the markets have never experienced a transition from a global pandemic that made millions of people housebound. There is no historical reference point. Now companies and investors are trying to process an explosion of pent-up demand, where consumers have rushed out of the confines of their homes to buy things in physical stores and plan “revenge travel”. The Walt Disney Co. has had more visitors to its theme park in Florida than it did before Covid.

But while not everyone deserves to suffer from a broader correction, it was bound to happen. Many tech valuations were indefensible.

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