The Tech Industry’s Epic Two-Year Run Sputters – The Wall Street Journal.

The Tech Industry’s Epic Two-Year Run Sputters

Amazon’s warehousing capacity now has exceeded its demand, according to company executives.
Sebastian Hidalgo for The Wall Street Journal

By Sebastian Herrera + and Akane Otani 

The technology industry, which powered the U.S. economy during the pandemic and grew at a tremendous scale during a decade of ultralow interest rates, is confronting one of the most punishing stretches in years.

Global powerhouses and fledgling startups are feeling pain from a variety of economic, industry, and market factors, spawning post-pandemic turbulence in e-commerce, digital advertising, electric vehicles, ride-hailing, and other segments.

Companies that emerged as job-creating juggernauts in the past two years—collectively adding hundreds of thousands of workers to their payrolls in engineering, warehouse and delivery jobs—have begun to freeze hiring or even lay off employees.

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