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Martin Sorrell, founder of media firm S4 Capital, believes the war in Ukraine has the potential to benefit three of America’s biggest tech firms — Google (or Alphabet), Meta, and Amazon.
Explaining his reasoning at the World Economic Forum in Davos on Monday, Sorrell said: “Defense means cyber defense and cyber offense so technology and technological companies become really important.”
He stopped short of saying exactly how Alphabet, Meta, and Amazon could benefit from this, but all three companies boast that their cybersecurity systems are world-leading.
Google and Amazon also provide cloud computing infrastructure that governments and cyber companies can harness in cyber warfare.
The war in Ukraine is being fought both online and offline, with hackers on each side targeting the enemy’s national infrastructure, businesses, governments, and citizens.
Over the last few weeks, major tech stocks have plummeted amid concerns about persistently high inflation, rising interest rates, and the risk of a global recession.
The Nasdaq stock market declined 3.8 percent last week, falling for a seventh straight week. It’s the longest losing streak in 21 years.
Sorrell said there’s already been a “massive correction,” adding that some people think there could be a further correction of 5-10 percent.
This report’s information was first seen on CNBC; to read more, click this link.
