Crisis or correction? Tech giants plan for an uncertain future

Technology stocks are tumbling on markets worldwide, prompting comparisons to the dotcom bubble. With even giants like Zoom and PayPal cutting back and letting workers go, where is it all going to end? And will there be implications for Ireland?

Stock shock: Big Tech racked up more than $17 billion in equity investment losses during the first three months of 2022. Picture: Getty

“Another day of the sky not falling in,” Pat Phelan, the entrepreneur, tweeted in response to a recent article indicating that we may not be heading towards economic catastrophe just yet. It is the same message he’s been texting to friends and acquaintances, who seek him out for his views on what has been dubbed the “tech wreck”.

Over the past few months, the value of technology stocks has fallen dramatically, with even seemingly untouchable ...