2022's tech rumbles will be heard for a long time
Live MintAs 2020 was defined by COVID, and 2021 by lockdowns, 2022 has been defined by wars. As I do my annual column on key tech milestones of the year, the world of technology too seems to be going through its own internal skirmishes and, sometimes, outright war. Bitcoin and cryptos seem to collapse seem to happen a few times every year, but this one seems to be different - what Janet Yellen called ‘a Lehman moment’ for the sector as its total market capitalisation crashed from $3trn in Nov 2021 to below $1trn now. The same thing happened in China, but for a different reason: Xi Jinping's quest for Party supremacy and his vision of ‘common prosperity’ have throttled the ambitions of its tech sector, especially its tech giants – Tencent and Alibaba. No one expects China to take this lying down – we will see massive local investments, diplomatic muscle flexing and, most worryingly, perhaps an all-out war with Taiwan, the world’s most important chip manufacturer.
History of this topic
The Beginning of the End of Big Tech
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