What to make of the year when Silicon Valley fell to earth
any more—nearly two-thirds of its value was wiped out, leaving its market capitalisation at just over $300bn.
The next change is competition. For years tech was synonymous with concentrated markets: Google monopolising search, Facebook dominating social media, and so on. These days competition is fierce. Part of the reason for Meta’s pain was that new rivals, particularly TikTok, caused the first-ever drop in user numbers at Facebook, its flagship social network. Tech firms are also trespassing more on each other’s turf.
Semiconductors have been another sore spot in the tech world. Over the past two years the supply of chips has built up as manufacturers have added capacity. But just as chip production bloomed, demand withered, thanks to falling sales ofs and smartphones. Further pain was caused by the collapse of the cryptoverse, which meant miners of digital currencies no longer needed the advanced processors built by Nvidia and, two big chipmakers.
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