Tech Brew Ride Home Mon. 05/09 – Everything Is Down
May 9, 2022
A significant downturn in tech stocks and crypto raises alarms as Bitcoin tumbles. Uber hints at cost-cutting measures, treating hiring as a privilege. Meanwhile, Twitter's stock surprisingly holds steady despite market chaos tied to Elon Musk's acquisition. Meta launches NFTs on Instagram, showcasing the rising trends in digital collectibles. The alarming ransomware attack in Costa Rica sparks national emergency discussions, while excitement builds around Google I/O, hinting at major product reveals and innovations against rising competitive pressures.
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Market Downturn
- Tech stocks, especially those that thrived during COVID, are down significantly.
- Cryptocurrencies like Bitcoin are also experiencing a downturn, showing a correlation between these markets.
Bitcoin's Performance
- Bitcoin's performance as an inflation hedge is questioned, given its bear market during times of high inflation and war.
- Bitcoin is currently behaving like a speculative asset, not a store of value.
Belt-Tightening Measures
- Focus on achieving profitability based on free cash flow rather than just top-line growth.
- Be more stringent with costs and treat hiring as a privilege.