Some of the Tech Magic Is Gone

At this point in 2021, technology was eating the world and stock markets.

Right now … ehhh, not so much.

A Nasdaq index of about 100 tech stocks has dropped 14 percent from the end of December, significantly more than the declines for collections of U.S. stocks that are not as tech heavy. Tech superstars including Facebook, Alibaba and Tesla have slipped down the ranks of the world’s most valuable companies.

More governments are trying to control how tech companies operate. Some tech investors and observers are beginning to ask if a decade-long boom in start-ups is losing steam, and for real this time. Cryptocurrencies should be having their moment but instead are falling in price. Initial public offerings are mostly on hiatus.

At multiple points in the past decade, many people (including me) have asked if the tech bubble is over, and they’ve been mostly wrong. I’m not going to predict the future but instead try to assess this moment for technology. Some odd things are happening.