David McWilliams: China will use Russia as its petrol station. This is Russia’s – and maybe Putin’s – lifelineThe market cap of many well-known tech companies has taken a significant hit since January. Apple’s market cap has tumbled by around 17.6 per cent from $2.9tn to $2.4tn. Microsoft is down 27.5 per cent from $2.5tn to $1.8tn. Alphabet/Google is down 34 per cent from $1.9tn to $1.3tn. Amazon has lost 44 per cent from $1.7tn to just $950 billion.
Into this boat we can throw cocksure evangelists who claimed that real money was going to be replaced by crypto. Their stories are being investigated, which is uncomfortable for donors who gave the money and they themselves who blew the money. The recent dramatic collapse of FTX, from a $32 billion behemoth to a bankrupt basket case, has been well-documented. $1.3tn in value has been wiped out of the various crypto markets since the start of the year.
But things could spread. In Ireland the real impact of this tech crunch will be felt in employment, rents and tax revenue. This is where things get serious and consequential for the rest of us. If the losses were limited to investors, speculators, hustlers and grifters, then there is no big deal. You win some, you lose some. But tech companies are cutting jobs everywhere.
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