Technology has a bright future beyond the clutches of capitalism4 min read 05 Jan 2023, 10:27 PM IST
2022 was too difficult a year to be optimistic about much in general, and an almost impossible one to be cheerful about technology in particular.
2022 was too difficult a year to be optimistic about much in general, and an almost impossible one to be cheerful about technology in particular. Some $30 trillion as wiped out from the stock market, with tech companies as the primary culprit. The tech-heavy Nasdaq is down by a third, and stocks which were long the darlings of investors— Meta, Apple, Amazon, Tesla, Google—are down 30-70% from their highs. Cryptocurrency is staring at an extinction event. Pundits and investors are bemoaning an ‘end of growth’ and a new Dark Age descending on technology. At the end of this gloomy tunnel, however, I see a bright light, the dawn of a new era in a sense. My optimism is not about markets bouncing back to all-time highs, Bitcoin crossing $70,000 again or Apple becoming the first $5 trillion company. Instead, I am hoping this never happens, and this is not the way technology, and its success or failure should ever be measured. Let me explain.