Per Dan Ives of Wedbush Securities this morning on Mornings with Maria on Fox Business: "Look, a lot of Big Tech, they were spending money like 1980s rockstars. And I think that really shows. Sometimes they were increasing 15, 20% per year. I still think it's a 'rip the Band-Aid off,' still some more headcount cuts. We think potentially another 8 to 10% headcount cuts in Big Tech. You look at what happened with Meta, and that's a good example. Once Zuckerberg finally read the room, cut in terms of what he needed to, stock ultimately lifted. I think, be that as a catalyst, I think you will see a continued cutting of heads in Big Tech because they're getting ready for the Category 5 storm in terms of what we're seeing with the macro."
It isn't a matter of if this will happen, but when. We have only ourselves to blame, especially in Telecom. We allowed our products to become a commodity.