If the latest round of quarterly earnings are any guide, the tech industry is coming back down to earth. Assuming that the pair meet analysts’ expectations,’s revenues and profits will both have increased but by a more modest 26% and 39%, respectively. Share prices are languishing. The slowdown—or breather, if you will—provides additional evidence of the degree to which the pandemic has changed the tech industry.
That said, many smaller companies have also grown in size and value. The pandemic has given rise to a group which could be called “tier-two tech”, the weight of which, measured by market capitalisation, has grown notably relative to the titans. In May we defined this group to include 42 firms with a market value then of no less than $20bn that were incorporated in 2000 or later. In February 2020 these had a joint market capitalisation of 22% ofThe reasons for this new strength are multiple.
The gathering cloud’s bigger beneficiaries seem to be smaller firms, however. Taking a panel of 50-odd second-tier tech firms today, about four-fifths are providers of cloud services. Some are now forces to be reckoned with: Snowflake, a cloud-based data platform, is worth $104bn; Twilio, which provides corporate-communication services, some $61bn; and Okta, which manages employees’ digital identities, some $39bn.
The industry’s second shift is that lowly hardware has also made a comeback of sorts during the pandemic, despite the migration up into the computing skies. Most surprisingly, personal computers staged a revival as remote workers required better gear. In 2020s saw their biggest growth in a decade, with more than 300m devices shipped, 13% more than in 2019, according to, a market-research firm.
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Where do you get such conclusions about instability?