How tech’s defiance of economic gravity came to an abrupt end

Whatever the economic weather, the sun always seemed to shine on Silicon Valley. America’s five largest technology companies—Apple, Microsoft, Alphabet, Amazon and Meta—saw their revenues and profits grow at five times the rate of American GDP in the decade to 2021. Tech’s ability to thrive as others struggled seemed to be confirmed during covid-19 lockdowns, when firms in the Valley posted record earnings even as much of the economy…