AFTER A STUNNING run during the pandemic, which put a premium on all things digital, tech stocks have hit a rough patch. The NASDAQ, a technology-heavy index, has fallen by 15% from its peak in November, weighed down by a new outbreak of covid-19 in China and the Russia-Ukraine war, which are gumming up supply chains, and inflation, which erodes the value of future cashflows, making risky growth stocks less attractive to investors. On April 20th the market value of Netflix crashed by a third, or $54bn, after the video-streaming titan reported the first quarterly net loss of subscribers in more than a decade.
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