Monday, December 5, 2022

Tech’s reality check: How the industry lost $7.4 trillion in one year

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  • The Nasdaq has tumbled sharply from its all-time high a year ago, as layoffs, inflation and rising interest rates roil the tech industry.
  • Companies are slowing spending and responding to a weakening economy after seeing their stock prices tank.
  • “You just don’t know what it’s going to be like going forward,” Jeff Grabow, venture capital leader at EY, told CNBC.

Rivian has fallen more than 80% from its peak after reaching a stratospheric market cap of over $150 billion. The Renaissance IPO ETF, a basket of newly listed U.S. companies, is down 57% over the past year.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: CNBC

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