Tech's reality check: How the industry lost $7.4 trillion in one year
- The Nasdaq has tumbled sharply from its all-time high a year ago, as layoffs, inflation and rising interest rates roil the tech industry.
- Companies are slowing spending and responding to a weakening economy after seeing their stock prices tank.
- You just don't know what it's going to be like going forward, Jeff Grabow, venture capital leader at EY, told CNBC.
In this article
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Pedestrians walk past the NASDAQ MarketSite in New York's Times Square.
Eric Thayer | Reuters
It seems like an eternity ago, but it's just been a year.
At this time in 2021, the Nasdaq Composite had just peaked, doubling since the early days of the pandemic. Rivian's blockbuster IPO was the latest in a record year for new issues. Hiring was booming and tech employees were frolicking in the high value of their stock options.
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