Big Tech valuations fell $4 trillion yet stayed above pre-pandemic levels

Evidence

During 2022, the total share value of US Big Tech cloudalist companies shrank by a remarkable $4 trillion – though more remarkable still, perhaps, was the fact that their stock exchange valuation remained, on average, above its pre-pandemic level. Meanwhile, lockdown winners like Peleton, Zoom and Carvana all plummeted. So did ‘meme stocks’ like AMC and GameStop, so-called SPACs and NFTs – not to mention Bitcoin, Dogecoin, and other crypto false promises. — Yanis Varoufakis, Technofeudalism, 544

Categorization

• XREF: The bubble-bursting-yet-persisting pattern echoes Marx’s and Minsky’s accounts of how speculative bubbles leave permanent capital behind. — connects to: Big tech revenue lags older sectors but market capitalization has overtaken them. — Nick Couldry & Ulises A. Mejias, The Costs of Connection: How Data Is…, 205
• corroborated: 2 independent passages support this claim — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 544