Actually, It Has Been a Wonderful Year for Tech’s Future
Things look bleak. Yet progress across the board give reason to be optimistic about the coming few years.
Leaping ahead.
Photographer: Hollie Adams/Getty Images EuropeAll the numbers point to one of the worst years for the technology sector in over a decade. Stock meltdowns, crypto implosions, supply-chain disruptions, a startup-funding freeze, and yet more hacks made 2022 a year most would rather forget. Yet a range of major developments emerged that set the scene for a rosier future.
By the time the clock rings out 2022, the tech-heavy Nasdaq will have put in one of its biggest annual declines in at least 14 years. Other indices, including the broader S&P 500 and MSCI World did better, but still ensured investors racked up their heaviest losses in over a decade. The biggest victim were of course crypto punters. Not only did customers of outfits like brokers FTX and Voyager, and stablecoin TerraUSD/Luna get taken to the cleaners, the currency at the heart of the bubble, Bitcoin, lost around two-thirds of its value.