Money Talks: The tech reckoning
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 2 November 2022
⏱️ 37 minutes
🧾️ Download transcript
Summary
Most of America’s biggest technology firms are having a bad time - and not just the ones who have been recently acquired by a mercurial billionaire. More than $1tn has been wiped from their market value in recent weeks. Is the sell-off just investor jitters? Or is it a symptom of something more fundamental about the future of the sector?
On this week’s podcast, hosts Soumaya Keynes, Mike Bird and Alice Fulwood are joined by our technology editor Tom Wainwright and global business correspondent Thomas Lee-Devlin to diagnose the common problem facing the movers (like Uber), the streamers (like Netflix) and the creepers (like Facebook owner, Meta). And we ask what they can learn from China, where tech behemoth Alibaba has seen its share price plunge by 77% from a 2020 peak. Plus, we ask if this is a turning point - what does that mean for the future of the formerly most profitable sector in America?
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Transcript
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| 1:00.0 | It has been a tough month for technology firms. |
| 1:03.0 | Over the past few weeks, their market value has fallen by almost $1 trillion. |
| 1:08.0 | There's been quite a wild week on Wall Street. We're taking a look at some of the biggest movers of the week tech has dominated the headlines. |
| 1:15.0 | Let's get right to snap, losing a quarter of its value after hours on this revenue miss, slowest growth since going public. |
| 1:21.0 | This is the street's first look at the struggling online ad market and it's not a pretty one. |
| 1:25.0 | Capping an already brutal week for big tech, Amazon's shares plunged on Friday, a day after the company forecast holiday quarter sales below Wall Street's estimates. |
| 1:36.0 | Meta is below 100 bucks a share and it's down 23%. That's what I call falling out a bit. |
| 1:43.0 | Investors have been spooked by poor quarterly results and gloomy sounding executives on calls with analysts. |
| 1:49.0 | From Amazon, we're working very hard to make sure that current profitability is not too new normal and we'll see how quickly we make improvements. |
| 1:59.0 | To Meta, formerly known as Facebook. |
| 2:01.0 | We continue to navigate some challenging dynamics of volatile macro economy, increasing competition, ad signal loss and growing costs from our long-term investment. |
| 2:11.0 | To alphabet, formerly known as Google. |
| 2:14.0 | Obviously as a company over time, we have had pre-its of extraordinary growth and then there are pre-its where I've viewed it as a moment where you take the time to optimize the company to make sure we are set up for the next decade of growth ahead. |
| 2:28.0 | I view this as one of those moments. |
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