彭博推送，由 Jingyi 翻译，谷歌翻译校对。

大家好，我是 Jeff。过去两年，关于科技行业的失败都不是我们首要思考的事情，然而过一段时间，他们总是变得更加严重，于是就无法忽略了。原因是什么？经过几年野蛮生长（wild success)，一部分全球最大的公司，包括Alphabet, Amazon, Tesla, 以及 Meta，自2022年以来已经丧失了1/4的市场。

彭博商业周刊年度科技议题，我们打算着手研究2个问题。行业如何演变成今天的样子，以及行业将去向哪。

这些故事评估了迄今为止的损失，以及评估了之后的措施（原句，The stories assess the damage to date and game out some of the next steps.）。我们见证了Elon Musk 最近的古怪言行的代价，Chrome 的霸权地位，以及越发激增的 Uber 与 Lyft 之间的紧张感，以及 Instagram 努力地将自己变成 TikTok （原句，... , and Instagram struggling to turn itself into Tiktok. ）。一系列事件的中心，是一篇 Brad Stone 和 Lizette Chapman 合著的论文，阐释清楚了科技行业的失败，并非上帝的产物——即行业赚取这类失败红利，通过攫取短期利润，而非稳健的创造财富的方式。一个症状就是，滑板车散落到处都是已经很多年了，因其公司无法将这些车放置到原来归集的地方。

我们驻扎在硅谷的记者（field guuide)将持续更新一些公司的名字，你也应该知道这些。从 Kalshi 到 Genomic Prediction。前者是一家 CFTC 支持的网站，允许用户几乎可以在任何事情上下赌注；后者公司有望比较可用于IVF植入的胚胎的健康状况。大型科技公司哪儿都不会去，但是就像 Brad 和 Lizette 说的，我们正处于一个一辈子一次的时机，来重评估行业中哪个部分在起作用，哪个没有。——Jeff Muskus

• antics 古怪的，滑稽可笑的


• supermacy 霸权，至高无上


• rout 溃败，聚众闹事者


• scooter 滑板车


• embryos 胚胎


• IVF 试管受精 In-Vitro Fertilization


• CFTC，Commodity Futures Trading Commissions

Hi, Jeff here. The failings of the tech industry haven’t always been top of mind the last two years, but of late they’ve become tougher to ignore. The reason? After years of wild success, a bunch of the world’s biggest companies, including Alphabet, Amazon, Tesla, and Meta, have lost between a quarter and half their market value in 2022.

For Bloomberg Businessweek’s annual Tech Issue, we set out to answer two questions: How did the industry get here, and where is it headed? The stories assess the damage to date and game out some of the next steps. We see the costs of Elon Musk’s latest antics, Chrome’s supremacy, the added strain on Uber and Lyft drivers, and Instagram struggling to turn itself into TikTok. The centerpiece of the package, an essay by Brad Stone and Lizette Chapman, makes clear that the tech rout wasn’t some act of God—that the industry earned it by leaping at short-term profits instead of stable wealth creation. One symptom was all the scooters that were lying around for a couple of years, whose companies can’t quite field the fleets they used to.

Our field guide to Silicon Valley’s next version update has some new names you should learn, too—from Kalshi, a CFTC-approved website that lets you bet on almost anything, to Genomic Prediction, which promises to compare the health of embryos available for IVF implantation. Big Tech isn’t going anywhere, either, but as Brad and Lizette write, we’ve got a once-in-a-generation moment to reassess which parts of the industry are working, and which aren’t. —Jeff Muskus