The tech industry is facing a slowdown, and Microsoft CEO Satya Nadella says the next two years will be challenging for this long-thriving business sector.
- The tech industry hit a peak after the pandemic as demand was high from people being in their homes and having extra money, but inflation and high-interest rates made the tech sector tumble.
- More than 1,000 tech companies laid off more than 150,000 people last year, according to Layoffs.fyi.
- Microsoft says the next two years will be challenging but stays optimistic that there could be growth in the tech sector soon.
Why it’s news
The tech sector hit a huge high after the pandemic as demand soared for tech products, but then the sector tumbled hard, losing trillions of dollars.
As inflation and high-interest rates continue, the tech sector remains down, and more companies are laying off thousands of employees to stay afloat during these troubling times.
Microsoft CEO Satya Nadella says the next two years will be extremely challenging, but he is hoping for a saving grace, that could be AI technology.
Artificial intelligence (AI) has been taking over recently as it floods social media sites like TikTok and Instagram with consumers using AI to paint pictures and other things.
The technology has also been taking over the search engine world, scaring giants like Google as consumers have resulted to asking AI bots questions rather than sifting through Google’s pages of articles to find an answer to a question.
Nadella remains optimistic that AI technology could help send the tech sector back up again.