The technology sector represents the US’ strongest growth engine in the past 20 years, but such a pace has slowed recently due to the global pandemic, rising costs, supply-chain disruption, and shifts in consumer spending. However, several tech giants, such as Alphabet, Apple, Amazon, and Microsoft, posted earning reports that showed their businesses were in strong positions to defy the economic woes hurting smaller companies. The better-than-feared results lifted these companies’ share prices and provided a jolt to the stock market.

Meta, formerly known as Facebook, was an outlier among the biggest tech companies, reporting its first decline in quarterly revenue since going public a decade ago. Its woes were an outgrowth of rising competition from TikTok, which has sapped it of users and advertisers, as well as challenges from privacy changes on iPhones implemented by Apple.

Collectively, the resilience shown by the major technology corporations indicated that the tech industry may have already hit a bottom and is beginning to rebound.