Most of America’s biggest technology firms are having a bad time – and not just the ones who have been recently acquired by a mercurial billionaire. More than $1trn has been wiped from their market value in recent weeks. Is the sell-off nothing more than investor jitters? Or is it a symptom of something more fundamental about the future of the sector?
On this week’s podcast, hosts Soumaya Keynes, Mike Bird and Alice Fulwood are joined by our technology editor Tom Wainwright and global business correspondent Thomas Lee-Devlin to diagnose the common problem facing the movers (like Uber), the streamers (like Netflix) and the creepers (like Facebook owner, Meta). And we ask what they can learn from China, where tech behemoth Alibaba has seen its share price plunge by 77% from a 2020 peak. Plus, we ask if this is a turning point – what does that mean for the future of the formerly most profitable sector in America?