January 3, 2023: -A lot has transformed in technology since the dot-com boom and bust.
The internet moved to mobile. The data centre went to the cloud. Cars are now driving themselves. Chatbots have gotten pretty smart.
When the economy turns, investors rush to exist. Despite a furious rally, the tech-laden Nasdaq is done in the red for a fourth straight quarter, marking the longest streak since the dot-bomb time of 2000 to 2001. The only different negative four-quarter stretch in the Nasdaq’s five-decade history was 1983-84, when the video game market crashed. But one thing has remained.
This year marks the initial Nasdaq has fallen in all four quarters. It dropped 9.1% in the year’s initial three months, followed by a second-quarter tumble of 22% and a third-quarter decrease of 4.1%. It decreased by 1% in the fourth quarter because of an 8.7% drop in December.
The Nasdaq slid 33% for the entire year, its steepest refusal since 2008 and its third-worst year. The refusal 14 years ago came in the financial meltdown caused by the housing crisis.
“It’s tough to be positive on tech currently,” Gene Munster, managing partner of Loup Ventures, told on Wednesday. “You feel like you’re missing something. You feel such as you’re not getting the joke.”
Besides 2008, the only other year worse for the Nasdaq was 2000, when the dot-com burst and the index sank 39%. Early dreams of the internet taking in the world were vaporized. Pets.com, not famous for the sock puppet, went public that year and closed this year. EToys held its IPO in 1999 and experienced its market cap increase to almost $8 billion, sinking in 2000, losing nearly all its value before going bankrupt early the following year. Delivery firm Kozmo.com never got its IPO, which was filed in March 2000 and withdrew its offering in August.
In 2022, the firm formerly said Facebook lost nearly two-thirds of its value as investors baulked at a future in the metaverse. Amazon dropped by half. Tesla decreased similarly as the carmaker, long valued like a tech group, crashed into reality.
This year’s IPO market was nonexistent, but many companies that went public in the previous year at astronomical valuations are losing 80% or more of their value.
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AspenTech, a Massachusetts-based company, plays a pivotal role in the oil and gas industry by leveraging cutting-edge technologies, including AI (artificial intelligence). Let’s delve into how AspenTech contributes to this dynamic sector
It’s no secret that oil and gas is a boom-and-bust industry. Production is currently up, projected to increase to 13.7 million barrels daily in 2024. But this won’t last forever. Whether production is up or down, the key to maximizing production, optimizing efficiency, and taking advantage of increased profits is innovation, digital transformation,and automation.For stakeholders looking to deliver safer, more efficient, and cheaper energy, innovation and automation must be a top priority. Those who fall behind in the race to innovate, ultimately, run the risk of losing market share.
Talking to Thomas Hundertmark, a senior partner in McKinsey’s Houston office, Darren Woods is chairman and CEO of ExxonMobil made some crucial points and also gave some insights on what the conglomerate was doing in order to save the climate.
Today oil and gas producers face severe regulatory and public relations obstacles due to the concern with greenhouse gases and resource depletion. Calgary-based start-up, Advanced Upstream (“AU”), has been disrupting the oil and gas industry with simple and reliable innovative technologies. AU’s products help the oil and gas producers to enhance energy production while reducing the corresponding environmental impact. By decreasing personnel and time on site, and lowering overall HSE risks across the board, the clients can see a notable improvement in their ESG rating, contributing to their bottom line.
Jasmin Staiblin, Chief Executive Officer of ABB Switzerland, says, “Global energy consumption continues to grow and, if left unabated, will lead to an ever-greater risk of irreversibly changing our climate. To take advantage of more sustainable energy sources, the energy landscape is in a state of profound change to allow the integration of increasing amounts of renewable energy sources into the grid, to allow infrastructure to run more intelligently and efficiently, and to ensure the supply of energy is available at all times.
The activation of the Fallon Two Rock solar farm project has recently bolstered the Californian energy …