Odd Lots This Is What Happens to Silicon Valley in a Downturn
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Nov 28, 2022 Margaret O'Mara, a professor of American history at the University of Washington and author of 'The Code', dives into Silicon Valley's current downturn amidst tech stock struggles and mass layoffs. She reflects on the profound impact of historical booms and busts on the region's unique corporate culture. O'Mara also discusses government investment's role in shaping innovation and contrasts today’s challenges with past economic cycles. The conversation sheds light on the cultural shifts and resilience in the tech industry during turbulent times.
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Tech Busts: A Confluence of Factors
- Tech busts are often sparked by market run-ups with excessive enthusiasm.
- This is often combined with macroeconomic factors like low interest rates.
Origins of Informal Tech Culture
- The informal tech culture, while seemingly modern, has roots in the 1950s with Hewlett-Packard's "HP Way."
- This involved a less hierarchical structure and stock options for employees.
Google's Dot-Com Bust Advantage
- Google benefited from the dot-com bust by acquiring talent at lower costs.
- They also capitalized on reduced computing power expenses during the downturn.
