Many firms shed workers or shut down experimental projects to cut costs in 2022. Who will come out on top in 2023? WorldAhead
was a roaring one for technology firms. National lockdowns forced billions of people to move much of their work and play online. Everything from cloud computing to semiconductors to laptops was in high demand. Businesses that aided digital life, such as Zoom, a video-conferencing firm, and Peloton, a seller of internet-connected exercise bikes, became household names. The Nasdaq Composite, a tech-heavy index, climbed by 21% during the year. The excitement was matched in the private markets.
Consider three characteristics: a firm’s geographic region, its sector and its size. Few big countries or regions have escaped the first stage of the tech meltdown. As investors reassessed future cashflows, the value of tech firms tumbled around the world. How painful the downturn will be depends on future sales. Those most reliant on inflation-hit Western consumers are most likely to suffer. That means American and European companies, which tend to sell to their home markets.
Tech firms that make their money by selling ads, such as Google and Meta, struggled too, as marketing budgets were squeezed. But even if ad spending rebounds, Apple’s changes to its privacy rules, which make it hard to attribute online purchases to specific ads, will continue to weigh on the sector.
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