The dynamic technology sector thrived in an economy characterized by increasing digitization. However, stubborn decades-high inflation and aggressive interest rate hikes by an equally resolute Federal Reserve hit the industry hard.
With the money which financed its purple patch no longer virtually free, growth at all costs made way for profitability and survival as priorities for the technology sector. As firms were left scrambling to tighten their belts in the new macroeconomic reality, the workforce onboarded to make the most of the good times that showed no signs of ending was the first to be jettisoned.
