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In today's fast-paced digital world, a single software update can bring chaos to global computer systems, grounding flights, forcing broadcasters off air, and hitting services from banking to healthcare. This recent disruption serves as a stark reminder of how vulnerable our interconnected world is when technology fails. But is this just a tech issue, or does it point to a more systemic problem?
Anna Rathbun, Chief Investment Officer of CBIZ Investment Advisory Services, joins us to discuss this pressing question. While today's disruption wasn't a cyber attack, it certainly highlights the concern that too much tech is in too few hands. One code update can have a ripple effect across the entire globe, bringing down airlines and causing havoc in our lives.
So, what's really going on here? Rathbun suggests that we need to broaden our definition of infrastructure. We tend to think of water systems and highways, but we also have a banking and financial infrastructure, as well as a global tech infrastructure. This recent disruption was an infrastructure fail, and it highlights the need for a meaningful conversation about concentration risk.
But the conversation doesn't stop there. As consumers, whether we're a large or small business, we need to ask ourselves: do I have concentration risk with my vendors? These are all conversations that we should be having, especially after today's disruption.
Tech earnings are also a key theme this week, with Netflix's numbers being a prime example. Despite smashing expectations on subscriber numbers, the reaction to those numbers has been muted. Why is that? Rathbun suggests that this is a symptom of high valuation. When markets are priced perfectly, any small disappointment can lead to losses.
So, what does this mean for the future? Looking forward, we need to keep an eye on Netflix's advertising revenue. With so many eyes on the Netflix platform, it should be an enticing opportunity for advertisers. But what does this tell us about what we may see next week from Microsoft, Alphabet, and Amazon?
If we look at the bigger landscape of tech, we know that in the last several quarters, while their prices have been going up, they've also been delivering on earnings. However, the question remains: will people buy the dip if the earnings are better, or will there be a little bit of hesitation?
As we move forward, it's clear that we need to have a more nuanced conversation about tech and its impact on our global infrastructure. From concentration risk to high valuations, there are many factors to consider. But perhaps the most important question we need to ask ourselves is: are we prepared for the next tech disruption? Or will we continue to be caught off guard, with devastating consequences for all?
In conclusion, the recent global tech disruption serves as a wake-up call for the need to reevaluate our tech infrastructure and the concentration of power in the hands of a few. It's time for a meaningful conversation about the risks and vulnerabilities of our interconnected world, and to start preparing for the next potential disruption. As we move forward, let's hope that we can learn from this experience and build a more resilient and equitable tech infrastructure for all.
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