US markets slide, wiping $140bn off tech giants

New York Times:

Stocks fell on Tuesday, after President Trump sowed confusion over the status of a truce in the trade war between the United States and China, while the bond market, often considered a safe haven for investors, sent a stark warning about expectations for an economic slowdown.

The state of play in tech, via CNBC:

  • Facebook fell 2.2 percent, losing $7.6 billion in implied market value
  • Amazon fell 5.9 percent, losing $50.8 billion in implied market value
  • Apple fell 4.4 percent, losing $38.5 billion in implied market value
  • Netflix fell 5.2 percent, losing $6.5 billion in implied market value
  • Alphabet fell 4.8 percent, losing $37.5 billion in implied market value

Panic? Wired, two days ago:

It signals a recognition that these companies are maturing, face new challenges from within, from each other, from shifting macroeconomic winds, and from regulators. The massive run-up in share prices this summer may not have been a last hurrah, but it’s likely that it will mark the end of this latest euphoria stage.

I don’t have a newsletter

I thought about it. For a long time. Everyone else seemed to be getting one, and I noticed that the best newsletters had become a bigger source of attention than the journalists’ actual work (whatever actual work is these days).

I toyed with the idea of doing an AM briefing newsletter for the UK to wake up to, given that’s my primary audience. I also considered a newsletter that would take in global tech stories that the US-focused tech press is ignoring – something I thought was sorely needed. I still do.

But good newsletters are regular. Daily, really. And the reality is that being the sole correspondent for the BBC in San Francisco brings with it some unexpected routine changes, like suddenly finding yourself flying to the scene of a mass shooting, or wildfire.

Newsletters also work best when catering to a niche. Casey Newton on social media, for example, or the brilliant MIT AI newsletter. I don’t have a specialism more narrow than tech, a journalistic beat that grows absurdly every day.

So that’s why I don’t have a newsletter.

But I do now have this. A blog. It’s no longer 2005, I realise, but I couldn’t think of anything better for what I hope this effort will be: something half way between a tweet and my day job.

This will be a stream of things I’m reading, pondering, laughing at or sharing. It will be a space for follow-ups, statistics, quotes and, I predict, nonsense.