Big Tech has been affected by market forces in 2022 heavily. S&P 500 has fallen by 20 per cent. It is a broad measure of America’s stock market. The NASDAQ composite has fallen by 33%. It is a very tech heavy index.

Big Tech consisting of Netflix, Facebook, Amazon, Google and Microsoft’s market capitalisation has dropped by $3 trillion. Facebook had a steeper loss — more than half of its capitalisation has been wiped out.

One of the causes of this fall is stagnation in digital advertising — it probably has reached its peak. Already major chunk of advertising revenue has moved firm print and TV to digital. Almost two thirds of all advertising spending in the US is now already digital.

Big Tech in addition, has started competition in their own key markets, e.g. clouds market has kept competition alive among Amazon, Google and Microsoft. Microsoft is having an upper hand here as it commands enterprise corporate market.

Apple as Big Tech player, is sneaking into advertising space. TikTok has affected Facebook.