The year that brought Silicon Valley back down to earth

A perfect storm of factors have forced a dizzying reality check for the once high-flying tech sector, making it one of the biggest losers of 2022.

and Stripe. The crypto world all but imploded. And an entire industry known for burning cash on ambitious moonshots instead started shutting down projects and announcing cost-cutting efforts.

The sharp shift in sentiment not only removed the air of invincibility for the industry; it also exposed some of its underlying myths. For years, Silicon Valley has held up its founders as visionaries who can see far into the future. But suddenly, many of its most prominent founders had to admit a harsh truth: they couldn’t even predict two years ahead.

“At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth,” Zuckerberg wrote in his memo to staff last month. “Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments.

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