But you know, correlation is not causation. Most people can only afford sports cars when they get to middle age. The fact that middle-aged men drive sports cars could easily be explained because they have wanted to drive them their entire lives but can only afford them in their forties.
There is a discussion going on in the ether at the moment about whether the tech industry is going through a midlife crisis, or whether what is happening is more existential. Unemployment around the world has not increased by large numbers, but every major tech company has announced huge layoffs, including Amazon and Meta. Most tech companies have lost close to half their value.
And yet, Thompson concludes, this might not be all about the desperate search for lost youth. In fact, it has a lot more to do with interest rates. The period after the great recession has been defined by low interest rates, a consequence of low aggregate demands. “This created the perfect conditions for an era of endless cash that venture capitalists, seeking high rates of return, poured into low-marginal-cost software companies.
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Business Maverick: Tech is going through a midlife crisis, but that doesn’t mean you shouldn’tIs a midlife crisis a real thing, or just a thing we think is a thing? The key identifier of a midlife crisis is the slightly balding guy in a convertible sports car. He’s not slightly balding. He had hair implants. His hair is fine. I thought that it might be the guy in the piss pot helmet taking his Harley out for a Sunday morning breakfast run. He could take the lead in the sequel to 'Silence of the Lambs' when they do one !!!
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Business Maverick: Asian stocks edge up and Hong Kong tech shares seesaw: markets wrapEquities advanced in Asia following a rally on Wall Street, while Hong Kong-listed technology stocks fluctuated amid speculation that China’s regulatory crackdown on the sector may be closer to ending.
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Business Maverick: New York governor Hochul signs moratorium to curb crypto miningThe bill, one of the most restrictive laws in the US on regulating cryptocurrency mining, triggers a two-year moratorium on new permits for crypto-mining companies that are powered by fossil fuels and use proof-of-work authentication methods, with millions of computers, to validate transaction data. That earns the companies rewards in the form of the token from the blockchain network.
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Business Maverick: Violent protests erupt at Apple’s biggest iPhone plant in ChinaHundreds of workers at Apple Inc’s main iPhone-making plant in China clashed with security personnel, as tensions boiled over after almost a month under tough restrictions intended to quash a Covid outbreak.
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Business Maverick: China buys fewer chip-making machines as US restrictions startPurchases of the machines to make computer chips fell 27% last month from a year earlier as the US imposed new, sweeping sanctions to try and derail China’s chip ambitions. Weird . You will think they can make their own. And its strange that Japan and USA makes chip making machines and NOT produce the chips themselves
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Business Maverick: FTX Collapse Ensnares Creditors Big and Small All Over the WorldFrom a German bank seeking a more than $2 million payment to a Chinese investor requesting $21,000 of lost savings. Claimants around the world who were caught up in the epic collapse of FTX Group are beginning to appear in court filings.
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