Cloud computing just had another kick-ass quarter

If you’ve been around the tech industry long enough, recent market events held an eerie familiarity.

When Facebook badly missed its numbers for the quarter ended June 30, 2018, the company’s stock took an unprecedented pummeling, losing 20 percent of its value and tanking many other tech stock along with it. Watching the carnage, it was hard not to think back to the spring of 2000 when Microsoft lost its antitrust case, losing 15 percent of its value in a single day and signaling the end of the boom and the beginning of a historic bust.

But something is different this time.

When Microsoft — a bellwether company both then and now — suffered that epic defeat, it dragged down the entire NASDAQ by 8 percent. That didn’t happen when Facebook — also a bellwether stock for the tech industry — had its recent comeuppance.

Source link