Investors fleeing Big Tech for old economy here’s what it means

The logos of Google, Apple, Facebook, Amazon and Microsoft displayed on a mobile phone and a laptop screen.

Justin Tallis | AFP via Getty Images

The world’s biggest technology companies, once the darlings of Wall Street, have lost roughly $3 trillion combined in market capitalization over the past year. Remarkably, that’s after the tech-heavy Nasdaq composite surged more than 7% in Thursday’s biggest market surge in two years on a cooler-than-expected, but still high, consumer price index. Many investors, facing an economic slowdown, persistent inflation, and rising interest rates, have said Big Tech this year for more traditional sectors like energy and consumer staples that deliver tangible goods, make a profit and return extra cash to shareholders.

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