For advertising companies, yes...rates went up a huge amount last year, earlier this year I started hearing about companies moving ad spend to TV, flyers, anything but online because the ROI is so poor (and a lot of consumer-facing companies are facing a slowdown in demand after the boom last year left them with too much inventory now, this will impact advertising too).

For companies connected to these trends or the capital cycle, yes...it is going to be bad, most companies that failed to IPO won't survive, a lot of the late stage flippers have already lost everything (they just aren't marking down yet).

But this is a small part of tech, and a small part of the world. US tech had the fun on the way up...well, this is the next part. But the general economics of demand for tech are still good. The problem with large tech companies is that they took profitable businesses and then started hiring like mad and setting fire to cash (this isn't only unprofitable companies, Google is a tech company with a bureaucracy attached, the way that company is run is just comical). Tomorrow has come.