What we’re reading (1/1)
“The Year That Brought Silicon Valley Back Down To Earth” (CNN Business). “Near 0% interest rates [at the start of 2022] meant startups still had easy access to the funding that had fueled their high valuations and risky ventures. But the year is ending on a much different note. A perfect storm of factors have forced a dizzying reality check for the once high-flying tech sector, making it one of the biggest losers of 2022.”
“Nasdaq Closes Out Its First Four-Quarter Slump Since Dot-Com Crash” (CNBC). “A lot has changed in technology since the dot-com boom and bust. The internet went mobile. The data center went to the cloud. Cars are now driving themselves. Chatbots have gotten pretty smart. But one thing has remained. When the economy turns, investors rush for the exits.”
“Third Of World In Recession This Year, IMF Head Warns” (BBC). “‘We expect one third of the world economy to be in recession,’ [IMF Managing Director] Ms [Kristalina] Georgieva said on the CBS news programme Face the Nation. ‘Even countries that are not in recession, it would feel like recession for hundreds of millions of people,’ she added.”
“Your Coworkers Are Less Ambitious; Bosses Adjust To The New Order” (Wall Street Journal). “Where have all the go-getters gone? At law firm Nixon Peabody LLP, associates have started saying no to working weekends, prompting partners to ask more people to help complete time-sensitive work. TGS Insurance in Texas has struggled to fill promotions, and bosses often have to coax staffers to apply. And Maine-based marketing company Pulp+Wire plans to shut down for two weeks next year now that staffers are taking more vacation than they used to.”
“U.S. Pours Money Into Chips, But Even Soaring Spending Has Limits” (New York Times). “The new chip factories would take years to build and might not be able to offer the industry’s most advanced manufacturing technology when they begin operations. Companies could also delay or cancel the projects if they aren’t awarded sufficient subsidies by the White House. And a severe shortage in skills may undercut the boom, as the complex factories need many more engineers than the number of students who are graduating from U.S. colleges and universities.”
