New York CNN Business — The great bull run for tech stocks may finally be over. It’s been a brutal year for big companies in Silicon Valley. Apple’s (AAPL) stock is down about 16% in 2022, making it the “best” performance of Big Tech’s so-called FAANGs. Facebook owner Meta, Amazon (AMZN), Netflix (NFLX) and Google …
Tech stocks were crushed. What’s next for the FAANG? | CNN Business Read More »
Shortly after the revelation of FTX’s collapse last week, the name SoftBank appeared among the first backers of the struggling cryptocurrency exchange. Inevitably, maybe. The Japanese tech conglomerate, its insiders say, will fully write down its FTX investment by around $100 million: Horrifying but, when placed against the more dramatic $10 billion investment loss that …
SoftBank leads the way in losing money on tech bets Read More »
In 1958, a young Irish civil servant named Kenneth Whitaker surprised his political masters in Dublin with a 250-page document that he and some of his colleagues in the Treasury had been working on in secret for months. Its title, Economic Development, was perhaps deceptively bland, but its message was blindingly clear. The country was …
Tech stock valuations are still too stretched, says Bill Smead. Their decline will drag the rest of the market down as well, he believes. Smead said the bear market is probably only halfway through. The most beloved names in the market over the past decade — so-called FAANMG stocks (or some iteration of that acronym) …
Markets closed higher for the week after a stellar rally on Thursday that saw big tech stocks soar amid weaker-than-expected consumer price index (CPI) data for October. The S&P 500 closed more than 5% higher for the week, its best week since June. Bond yields and the U.S. dollar fell as investors hoped CPI news …
Big tech is bleeding thousands of jobs – but here’s why the economy will ‘very easily absorb’ layoffs and mark a ‘turning point’ in the sector Meta is laying off 13% of its staff, joining other tech giants that have cut staff or suspended hiring amid weak growth this year. But while news of massive …
Facebook’s parent company Meta’s announcement on Wednesday of plans to cut its workforce by 11,000 is just the latest in a wave of tech employment unrest that is simmering even as the the US labor market as a whole continues to turn red. The move comes less than a week after new Twitter owner Elon …
Why are tech companies laying off workers amid a booming US job market? Read More »
