The mammal metaphor may not be accurate. This period could easily be equivalent to 2000-2010 where for the most part, big tech continued to exist and layoff whi

The mammal metaphor may not be accurate. This period could easily be equivalent to 2000-2010 where for the most part, big tech continued to exist and layoff while small firms struggled. The giants of today weren’t particularly giant back then, but we famously had the balmer era, Cisco’s decline, and Yahoo’s slow death. Presuming that interest rates stay high, it will be difficult to justify speculative bets in tech. Even SaaS models may see investors discount future cash flow potential. This means investors will look for higher payouts from existing firms, and underinvest in new firms - a few new firms will have special privileges due to who invested in them and what they do.