Sundar Pichai, CEO of Alphabet
Google ready to lay off 12,000 jobs
No one is saved anymore. Alphabetthe holding company it manages Google, YouTube and other Mountain View activitieshas announced that it will fire 12 thousand people in the world, about 6% of the workforce. It’s just the latest chapter in a story that is enriched every day with a new horror detail. Before “Big G” they arrived Microsoft (10 thousand layoffs), Amazon (18 thousand) and Meta (11 thousand), for a total of over 150 thousand jobs cancelled. Proving that the world is in a complicated moment, but big techs are much worse off. They are firing, among other things, at a time when unemployment in the United States is at an all-time low of 3.5%.
Il Nasdaqi.e. the index that includes technology stocks, it has lost almost 2% of its capitalization, 10% more than the S&P 500 which also includes “traditional” stocks. In short, a cataclysm that can be described as follows: Apple, Amazon, Microsoft, Tesla and Meta burned in 2022 3.583 billion dollars. A frightening figure, because it represents almost double the Italian GDP. Five companies against 60 million people. Incredible.
But there’s more. After the emergency of the pandemic, the world seems to have rediscovered industry and raw materials. This was surely partly due to the explosion of energy costs due to the war in Ukraine. But that’s not all: why inflation galloping and a new sustainable approach have changed the interest of investorsthe. An all-Italian example? The green bond of Eni literally snapped up, proof of a renewed interest in new products.
So what’s up with Big Tech? In October Margaret Vitrano – co-manager delle strategie Large Cap Growth and All Cap Growth di Clearbridge (part of Franklin Templeton), listed in the top ten portfolio managers globally – explained ad Affaritaliani.it that it was useless to talk about a bubble because it had already burst some time ago. The myth of open-ended growth has definitely entered a crisis, for the second time since the beginning of the century. The first, in fact, was the famous dot com bubble which led many investors to guarantee off-market valuations for any entity that operated on the internet. Result? Millions of small savers who, after having cherished the dream of becoming rich, found themselves with a handful of flies.
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