How changes to two 'zeros' could cut short the era of endless tech boom

For more than a decade, the tech industry has been defined by two economic zeros. The "zero interest rate policy" (ZIRP) across the western world saw the price of money plummet, letting startups run at a loss for years and giving investors massive appetite for risky bets that might pay off in a big way. At the same time, the "zero marginal cost" of the software industry gave outsized returns to effort, allowing for situations like WhatsApp: 55 employees serving 420 million users and selling to Facebook for $19bn. But both those conditions are coming to an end. Governments around the world have raised interest rates in a desperate attempt to keep post-pandemic inflation under control, while the rise of AI technologies threatens the production model that brought the sector to its current dominance.