This is the age of tech, pandemic or not
Call it the edge of tech - technology is winning markets and territories. But while tech is winning, non-tech sectors are struggling. That is a dislocation there. In the coming quarters, we will see how far technology can thrive when other sectors are struggling.
The pandemic has been an existential threat to millions of small businesses, while the tech industry, online retailers and many Wall Street investors have benefited generously. Axios reports this "tale of two markets" is poised to get worse, as banks tighten lending standards with "COVID filters" to determine which businesses are considered risky, while government programs largely fail to help. From February to April, 3.3 million businesses had already shut their doors, most of them minority- or immigrant-owned.