Why Silicon Valley Didn’t Anticipate The Covid Comedown

Tech CEOs are laying off workers after predicting their Covid surges would persist. Here’s how they got it so wrong.

One by one, the tech CEOs apologized. They had failed to anticipate people’s behavior would return to normal once Covid restrictions lifted. So their projections for growth — in streaming, ecommerce, and the like — were way off. With expenses mounting and growth stagnating, they’d need to cut costs dramatically. Mass layoffs were coming.

“This did not pl…