Many businesses did not survive the pandemic and many more struggled to hold on.
But many tech companies in the Bay Area actually saw their profits grow by the billions.
Now, finally, some of that money is finding its way to smaller businesses as techies are coming back to the office.
When Zoom had its IPO two years ago, it was a promising startup. Now, with a $110 billion valuation, it’s a tech powerhouse.
Also growing like crazy during the pandemic is Netflix as we all streamed movies and shows. Apple is another Bay Area company banking in during the pandemic as we all purchased new phones, laptop and other hardware.
The examples can go on and on to show Silicon Valley tech is booming.
“The tech revolution is continuing,” said Robert Chapman Wood, a San Jose State University School of Business professor. “It’s not slowing down.”
With tech earnings queuing up this week, predictions are that more money is being made in Silicon Valley than ever.
“People are looking at these companies, and they say this technology stuff is going to keep growing, and therefore, they’ve bought lots and lots of tech stocks,” Wood said.
And while the stock market gains fuel crazy home prices in the Bay Area, it also means techies have lots of income to spend at local businesses as they return to the office.
“Everyone is starting to come back,” said Ryan Gunder, a manager at Blue Bottle Coffee.
Employees returning to the office is good news for cafes, restaurants and other businesses getting a shot in the arm via the foot traffic from nearby tech companies.
As far as tech earnings go, they are off to a good start. Tesla just reported the second highest quarterly sales it has ever had. We are also expecting the IPO of Silicon Valley-based Robinhood later this week.
Source: NBC Bay Area
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