Reply to post: Tech

It's IPO week and one of Wall Street's own is raising the spectre of a stock market crash

Cuddles Silver badge


"market consensus has crowned tech as the clear secular winner"

Not really. Market consensus has simply applied the word "tech" to a big pile of entirely unrelated businesses with no regard for what any of them actually do or what the work might actually mean. Just have a quick think about what some of the best known "tech" companies actually do. Apple - computer producer and software services. Tesla - car manufacturer. Google & Facebook - advertising brokers. Amazon - retail shopping, computing services. Uber - unlicensed taxi company. Airbnb - unlicensed hotels. Wework - real estate rental. Snowflake - I'm not even sure, as far as I can tell they just resell AWS, Azure and Google and don't actually do anything themselves at all.

"Tech" can't be a winner because it simply doesn't mean anything. It's applied to a random mix of traditional manufacturers and retailers, traditional manufacturers and retailers that happen to have an app, a big pile of mostly rather questionable startups that may or may not have anything related to some kind of technology if they ever figure out what they're actually doing, and a few companies that actually do things related to information technology.

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