All the numbers point to one of the worst years for the technology sector in over a decade. Stock meltdowns, crypto implosions, supply-chain disruptions, a startup-funding freeze, and yet more hacks made 2022 a year most would rather forget. Yet a range of major developments emerged that set the scene for a rosier future.
By the time the clock rings out 2022, the tech-heavy Nasdaq will have put in one of its biggest annual declines in at least 14 years. Other indices, including the broader S&P 500 and MSCI World did better, but still ensured investors racked up their heaviest losses in over a decade. The biggest victim were of course crypto punters. Not only did customers of outfits like brokers FTX and Voyager, and stablecoin TerraUSD/Luna get taken to the cleaners, the currency at the heart of the bubble, Bitcoin, lost around two-thirds of its value.
This turmoil, which is connected to rising interest rates, a slowing global economy and post-Covid hangovers, hit a plethora of technology companies from big names like Google and Facebook that cut staff, to startups which may not survive another year.
