Tech layoffs indicate worsening economic headwinds

Recent layoffs at Lyft, Intel, Twitter, and a corporate hiring freeze at Amazon indicate a worsening economic outlook for big tech, the Wall Street Journal reported Nov. 4.

Despite the economic situation, the outlook for drug discovery, life sciences and cybersecurity companies is more promising, according to UST Chief Investment Officer and CIO Sunil Kanchi. 

Mr. Kanchi expects investment in automation and low-code software programs to continue regardless of the economic situation.

Wesley Chan, a former tech leader at Google and co-founder of FPV Ventures, told the Journal that he predicts "the new Google or Uber of 2023 and 2024 will come out of this downturn."

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