Big Tech Will Get Back to Real Tech in 2023


What to Expect in 2023: The tech bubble has already popped. The rise of Big Tech during this pandemic has caused a lot of over-employment and unreasonable valuations among technology startups, leading to a sharp correction at the end of 2022. As reality sets in next year, expect tech firms to cut back their giving dramatically. benefits and refocusing — I’m looking at you, Meta Platforms Inc. — in traditionally reliable business models such as advertising and cloud computing. The venture capitalists who are helping to drive the industry’s latest trends will also prioritize pure technology businesses – think business software and internet security instead of food delivery and telemedicine. Or, in real terms, higher margins than more profitable and competitive businesses.

Elon Musk’s simplification of Twitter may encourage some social media executives to return to their old argument of being “tech firms” first and foremost, and tempt them to emphasize the development of artificial intelligence and engineering over policy work. That would be a mistake, as two new rules from the European Union are coming down the pipe(1) that will dictate how those companies must monitor the content and data on their sites, and how they communicate with competitors. One high-tech field likely won’t get much traction, however: the metaverse.

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Software firms will also look for ways to monetize generative AI, machine learning programs that can write articles and create photos and videos. Models supporting those systems have made several major breakthroughs in 2022. This year, companies like OpenAI, one of the leading manufacturers of AI, will have to answer tough questions about how they will prevent their systems from tricking people or spreading lies at scale. Apple Inc. was lagging behind in its AI development, and would need to buy a manufacturing AI firm.

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It’s not easy being a woman in space: Meeting people in person is fun but worse than Mark Zuckerberg’s idea. Also watch out for foul-mouthed children and those who cry.

Facebook Almost Hit a Peak: The social media’s first decline in daily users was a historic moment. With Zuckerberg steering wildly into a volatile environment, it’s hard to see the company returning to growth.

Online No One Knows You’re a Kid – Yet: Lawmakers are pressuring tech companies to make the web safer for children. But their proposals won’t do much without stricter age-verification standards that no one can agree on.

Wordle, BeReal and Even Facebook: Apps Reduce Addiction: The rise of apps that reward addictive interactions marks a healthy shift in social media. You only need to check BeReal once a day.

Facebook, Note: The Metaverse Is Flat: Many people visit virtual worlds using old blank screens in Roblox and Fortnite. Mark Zuckerberg needs to make his metaverse less dependent on VR glasses, so that more millions of people can access it.

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Creative AI Poses Some Messy Problems: Creative AI that can write blog posts and create photos is the hot new trend in tech circles, but it will come with serious legal challenges.

Musk’s Twitter Will Never Die. Check out The Telegraph: The Telegraph is the largest social network run by a libertarian billionaire. Its popularity should dispel all speculation that Twitter is doomed.

(1) Digital Services Law and Digital Markets Law

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

Parmy Olson is a Bloomberg Opinion columnist covering technology. A former reporter for the Wall Street Journal and Forbes, he is the author of “We Are Anonymous.”

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