The concerns over continuing supply chain disruptions, the Federal Reserve's tighter monetary policy to combat 40-year high inflation, and a potential slowdown in economic growth have dampened investor sentiment and triggered a broad equity market sell-off. Furthermore, the recent tech rout has dragged the tech-heavy Nasdaq Composite index down to record its worst monthly performance in April since 2008.
To deal with the uncertain economic conditions, struggling tech companies are laying people off, making substantial changes to their hiring practices, or cutting their spending. Given their weak financials, history of enormous losses, and bleak growth attributes, hard-hit tech stocks are expected to remain under severe pressure in the near term.
