Bouncing back: Silicon Valley bets on AI to regain past glory

Revisited

Thousands of Silicon Valley employees have been laid off over the past year, often finding out the bad news by email. Hit hard by rampant inflation and over-hiring during the Covid pandemic, the US tech giants of the San Francisco Bay Area have faced one of the worst crises in their history. A few months ago, a banking crisis added to their woes, when Silicon Valley Bank went bankrupt, before being rescued by the federal government at the last minute. Nevertheless, the tech sector – renowned for its resilience – is refusing to give in to defeatism, as our team reports.