The U.S. economy has proven remarkably resilient amid the Federal Reserve’s largely successful attempts to pull off a soft landing from sky-high inflation. But not everyone has enjoyed the benefits. The Fed’s monetary tightening, raising interest rates the most in more than 40 years, has led to a minor blood bath across the tech sector.
Sure, a few firms have exploded to record highs — an artificial intelligence-related one and the “Magnificent Seven,” composed of Google parent Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. But much of the rest of the tech sector is struggling. While larger companies such as Cisco, Intel, and Spotify have stayed afloat with layoffs, billion-dollar startups once branded as unicorns have collapsed.
