Tech’s Bill Is Coming Due. Investors Aren’t the Only Ones Who Will Pay.

For two years now, tech companies have spent massive amounts of money building the capacity to serve what they believed would be a higher level of postpandemic demand. If you build it, they will come. Except they didn’t. And now, the bill is coming due.

For workers, it means more layoffs. For consumers, it means paying more for products and services they took for granted over the past decade. And for investors, it means further declines in already beaten-up tech stocks.