You can just feel it, the cumulative weight of this stagnation, in the tech that most of us encounter every day. Their policies tend to please no one it’s a common refrain that antipathy toward Big Tech companies is one of the few truly bipartisan issues. They’re paralyzed when it comes to product development and reduced to monopolistic practices such as charging rents and copying or buying up smaller competitors. Having scaled to immense size, they’re unable or unwilling to manage the digital communities they’ve built. They’re failing utterly to create the futures they’ve long advertised, or even to maintain the versions they were able to muster. Some of the most powerful, profitable, and expansive companies in human history-associated at least nominally with wide-ranging innovation-are stuck. Now, ruled by monopolies, marred by toxicity, and overly reliant on precarious labor, Silicon Valley looks like it’s finally run hard up into its limits.Ĭall it the improbable paradox of the modern tech giant.
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These companies, launched with promises to connect the world, to think different, to make information free to all, to democratize technology, have spent much of the past decade making the sorts of moves that large corporations trying to grow ever larger have historically made-embracing profit over safety, market expansion over product integrity, and rent seeking over innovation-but at much greater scale, speed, and impact. The myth of the genius founder, which insulated so many of these giants from so much criticism for so long, was debunked before our eyes. Many slashed their workforces at least 120,000 tech workers lost their jobs this year. Amazon, Alphabet, Microsoft, Meta, and Apple all saw their valuations fall, sometimes precipitously. The tech giants that have shaped our lives, online and off, over the course of the 21st century have at last hit a wall. The dramatic, multidimensional implosion of Meta the nuclear train wreck of Elon Musk’s Twitter the momentous labor uprising against Amazon-it wasn’t just an unusually disastrous year for America’s biggest tech companies.
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