Enthusiasm about artificial intelligence masks weakness across most of the technology sector, with many companies still in a recession following a slowdown that started in 2022.
When you look at technology outside of AI, there's not that much happening. Many sub-sectors are still in a recession. The only thing that has been really growing has been AI.
What we're seeing in tech is still kind of the unwinding of the over-hiring and overspending that we saw at the beginning of the pandemic, coupled with uncertainty in the economic environment.
Some traditional tech areas have faced difficulties, including weak demand and the hangover from overexpansion and overstocking during the pandemic.
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