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So it’s sort of a combination of all of those things resulting in perceived complacency in Big Tech.2 There is a weird complex that exists - one in which there isn’t a natural predator (enabling stagnation, the acquihire culture too), a manufactured sameness, and a bubble that has become a breeding ground for fear.

Also, tech is changing. The world of zero-interest-rates probably enabled more behavior than we can calculate - and the golden age of tech might have ended, where you could take virtually no risk and make a lot of money, like the FAANG guy who is frustrated that he can’t afford a $10M home with his $2.5M net worth. And as Lewis points out “this is who software runs, for now, tbh entire industry structured basically just to make this guy, and people who aspire to be this guy, happy.”

There has to be some sort of recalibration to risk-reward, and it seems like tech is going through that right now. Silicon Valley will start to care about history - as the article Everything Is Innovative When You Ignore the Past highlights we are not particularly special, but we certainly make up stories to make it seem as such. Perhaps a stretch, but the Fed raising interest rates might be the predator that the tech environment needs to evolve.

Video Length: 00:07:27

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