Oops, I checked $6K monthly instead of annually. So that makes it $70K → $3M in the S&P at 10% per year.
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You know you’re dealing with someone who gets it when they talk about their story and repeatedly emphasize how lucky they’ve been. Its the ones who want to self-promote and claim superhuman ability that are all but sure to, ironically, just be running hot (or cheating).
I mean the software/internet industry is fully mature at this point… so probably never? Not like it was.
what? you think it’s destined to slide?
i think this stuff’s overblown. I haven’t read the article yet but there’s a lot of this going around that got me in the dumps a bit, but for instance - the “hiring slowdown” they’re referencing is because we went from 1.5 million job openings down to like ~1 mill this year, but for reference, in 2020 there were 500k jobs and that market still felt hot as fuck.
2021 was an absurdly stupid year, this is just a correction. tech will continue to grow.
I think this is probably right. Lots of people just had a shit ton of extra money and nothing to spend it on as we all cowered in our homes and spent nothing. The crypto/nft boom was one manifestation of this, but the tech boom almost certainly was as well. Stupid shit like Tesla being one of the most valuable companies on the planet needed to correct.
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Sure it’ll continue to grow, but faang will never pay pm’s 300k a year again and people won’t be willing to give large fairly saturated companies a pe of 50 again.
The industry is obviously here to stay and the money will keep coming, but it will be more in line with normal business practices.
Have they stopped doing it now?
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they did it well before the boom too. there’s still way too much in tech to do. for instance, the ecommerce sector I expect to grow massively in the next ten years. amazon’s competitors are becoming fearsome.
That’s the thing though the competition is heating up and will only get hotter as the faang talent cartel is broken up by shareholder activists who would rather get paid today than pay a bunch of talent the company isn’t even using to build a moat.
I am not talking about the fall of the tech sector I’m talking about it normalizing.
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Amazon does not get enough shit for wasting money. Like at least lol Facebook and google seem to treat employees well, Amazon has people pissing in bottles while it makes $0 on e-commerce. It’s basically a massively inefficient break even operation with AWS attached to it. They lost $10 billion on Alexa last year. How!?
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Selling hardware at a loss to capture market share?
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amazon retail has a serious problem - it’s built upon warehousing infrastructure that assumed labor would be infinite, replaceable, and cheap. labor is not any of those things anymore and I doubt it will be any time soon. new competitors have the benefit of much better technology that allows you to bootstrap warehouses extremely quickly and in much smaller spaces with much less human labor. walmart and target have been aggressively investing in their ecommerce stuff and when you look at revenue for some companies you may have never even heard of, you’d be shocked at how much of the market does not belong to amazon.
one of amazon’s biggest edges for a while was prime and next day delivery, now they’re not really able to do that anymore while other companies can.
Soon they may have a monopoly on spy machines (except for the spy machines in everyone’s pockets that also have voice assistants) that generate zero revenue
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Amazon also massively over extended its real estate footprint. They were signing million SF leases at above market rates in basically every city in America and now they can’t use the space. That shit is expensive!
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If Alexa is in enough households there has to be a was to monetize it, eg. charge [local pizza place] a dollar every time someone says „Alexa, order two large pepperoni“. [local pizza place] doesn‘t want to pay? Alexa: „Sorry, [local pizza place] does not take my order. Do you want me to order from [other pizza place]?“
Another idea is to charge manufacturers for their devices to be Alexa-compatible. Same with apps.
If people used it to actually order things, yes. But it’s so inaccurate it’s frustrating even for making a grocery list that I double check myself before buying anything. I have never actually ordered anything through it, and I never will
Out of curiosity, what companies are you talking about here?
there’s tons but jd.com has like 150 billion revenue and is a chinese retailer. zalando has 8! billion revenue and is an online clothing retailer in europe. wayfair, but I guess people here have probably heard of that one. there’s 20+ public companies with multiple billions in revenue. my last company almost certainly no one ever heard of and it did pretty well, but for obvious reasons I’m not going to post it here. when I first learned about it I was pretty surprised. Don’t get me wrong, amazon’s still a goliath - I just see bigger and bigger chunks being bitten out of it over the years
eta: the fearsome competitors I’m referring to are target and walmart. 18% of target’s sales are ecommerce now, nearly ~20 billion.
Not even if they were able to make it work smoothly?