1 . In the early days of covid-19, the tech industry was consumed by a sense of excitement. With billions of people locked down at home, work and play were shifting online. Many hoped that the new normal would spark a huge productivity boom as firms digitized and workers spent less time commuting. The excitement was most evident in stock-markets, where any firm related to this trend saw its share price surge. The tech-heavy NASDAQ rose by 88%.
The crazy has ended. Today the lockdown lunacy index(疯狂指数) — which includes Netflix, a streaming service; Peloton, a maker of fancy exercise bikes; Robin-hood, a stock-trading app; Shopify, and e-commerce platform; and Zoom, a videoconferencing firm - has fallen by more than 80% from its peak.
How worrying is this return to Earth? To be sure, some of it reflects gloomier prospects for the global economy. And it is disappointing that two years of digitization and remote work have not provided clear evidence of a productivity boom. Yet there are reasons still to be techno-optimistic. Much of the early enthusiasm may simply have been focused on the wrong types of firm. Though the pandemic darlings have fizzled, the shift towards ever greater digitization continues. The true winners are not the flashy consumer-tech firms, but the companies that provide the infrastructure to enable this shift.
Look beyond the boom and bust of consumer tech, and you see the real successes. The market for the infrastructure technology that underpins people’s daily lives, such as cloud computing, cyber-security and digital payments, is booming. The cloud-computing industry is expected to grow to almost $500bn this year, up from $243bn in 2019. Amazon’s cloud offering, the largest in the world, is still growing at 33% each year. It accounted for three-quarters of the firm’s operating income over the past 12 months, and is propping up the tech giant’s ailing e-commerce business. Its closest rivals are the cloud services of Microsoft and Google. Their annual sales are growing by 40% and 36%, respectively.
Cloudification has created new demands for cybersecurity, another tech winner. The combined revenue at the three largest listed cybersecurity firms has almost doubled since the start of the pandemic. Their market capitalisation has tripled, and has come down only a fraction since the start of the year. Digital payments are another bright spot, thanks to lockdowns and social distancing. Three-quarters of iPhone owners use Apply Pay, up from half in 2019, and nine out of ten American retailers now accept it as a payment method. Almost 200m people in India and China have used some form of digital payment for the first time since the onset of covid.
The bubble may have burst on the pandemic’s darlings, but the drumbeat of digitization continues. The less obvious technologies that provide the underlying infrastructure for the shift are the true beneficiaries of covid. Whether these will fuel a productivity boost one day remains to be seen. But there was more going on during the pandemic than lockdown crazy.
1. According to the article, which of the following statements is TRUE?
A.Tech industry predicted a productivity boom in the lockdown, which proved true. |
B.The share prices of customer-tech companies sharply rocketed and then declined. |
C.Robinhood is a tech company specializaing in meeting demands for cybersecurity. |
D.The prospects of the tech industry are too gloomy to be optimistic. |
2. What does the underlined word “fizzled” in paragraph 3 mean?
A.emerged | B.benefited | C.failed | D.sustained |
3. What can be inferred from the last three paragraphs?
A.Digital payment wasn’t available to Indians at all until the start of covid. |
B.In the past year, Amazon has mainly depended on its e-commerce business of profits. |
C.In the shift of working online, cloudification is no longer optional! |
D.The market capitalization of three largest listed cybersecurity firms has kept rising. |
4. What is the best title of the article?
A.Techno-pessimists Rule the Lockdown. |
B.The Lockdown Index Sounds the Alarm. |
C.Economic Depression Is Arriving. |
D.Tech Losers and Winners of the Pandemic. |