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How Big Tech’s pandemic bubble burst

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In January 2021, Microsoft CEO Satya Nadella spoke in lofty terms about how the first year of the pandemic had sparked a staggering shift toward online services, benefiting his company in the process. “What we have witnessed over the past year is the dawn of a second wave of digital transformation sweeping every company and every industry,” he said.

Two years later, the situation appears much more stark. This week, Microsoft said it planned to lay off 10,000 employees as businesses rethink their pandemic-era digital spending and confront broader economic uncertainty. Microsoft’s customers, Nadella said, are now trying “to do more with less.”

Microsoft isn’t the only company experiencing such a dramatic reversal. Days later, Google-parent company Alphabet followed suit, saying it plans to cut around 12,000…

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