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Get ready for a prolonged downturn that’s worse than 2000 or 2008, billionaire VC Doug Leone says

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Sequoia Capital Global Managing Partner Doug Leone speaks onstage during Day 2 of TechCrunch Disrupt SF 2018 at Moscone Center on September 6, 2018 in San Francisco, California.

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HELSINKI, Finland — American venture capitalist Doug Leone doesn’t think the tech wreck is going away anytime soon.

The Sequoia Capital partner gave a gloomy outlook for the global economy, warning that today’s downturn was worse than recessions in 2000 and 2008.

“The situation today I think is more difficult and more challenging than either ’08, which was really a protected financial services crisis, or 2000, which was a protected technology crisis,” Leone said, speaking onstage at the Slush startup conference in Helsinki.

“Here, we have a global crisis. We have interest rates around the world increasing, consumers globally are starting to run out of money, we have an energy crisis, and then we have all the issues of geopolitical challenges.”

Tech leaders and investors have been forced to reckon with higher interest rates and deteriorating macroeconomic conditions.

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With central banks raising rates and reversing pandemic-era monetary easing, high-growth tech stocks have been on the decline.

The Nasdaq Composite is down nearly 30% year-to-date, facing a sharper decline than that of the Dow Jones Industrial Average or S&P 500.

That’s had a knock-on effect on privately-held companies, with the likes of Stripe and Klarna seeing their valuations drop.

As a result, startup founders are warning their peers that it’s time to rein in costs and focus on fundamentals.

‘Best lessons you’re ever going to learn’

“Think of what happened in the last two or three years: whatever you did was rewarded by some investor because of the plethora of capital,” Leone said.

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“You were rewarded no matter what — you made a s–t decision, a crap decision, you got money; you made a good decision, you got money — which is a lousy way for you to learn your craft. All that is gone.”

“What you’re going to learn now is the best lessons you’re ever going to learn, even in our business,” he added.

Leone said he doesn’t expect tech company valuations to recover until at least 2024.

“My forecast is that we’re not going to get away with this very quickly,” Leone said. “If you turn back in the 70s, there was a malaise of 16 years. Even if you go back to 2000, a number of public companies didn’t recover for 10 years.”

He added, “I think we have to be ready for a prolonged time where we’re going to find … consumers running out of money, demand decreasing, tech companies’ budgets being cut.”

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In the private markets, seed-stage companies will be less affected than later-stage firms, which are more sensitive to movements in the public markets, Leone said.



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Oppo INNO Day 2022 set for December 14, Find N2 foldable phones may launch

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Oppo will hold its annual INNO Day event this year on December 14. Oppo said it will hold the INNO Day even virtually, much like before, and the theme would be “Empowering a Better Future.” This means the next foldable phones from the company are just a few days away from going official, even though the company has not said that explicitly. Rumours are rife that Oppo could launch two new foldable phones, an Oppo Find N2 and an Oppo Find N2 Flip, on December 14. Also Read – Realme 10 Pro series to launch in India today at 12.30 pm IST: How to watch it live

“This year’s event will see the introduction of several new cutting-edge technologies developed under Oppo’s Four Smart Initiatives of smart entertainment, smart productivity, smart health, and smart learning,” Oppo said in a statement as it prepares to kick off the INNO Day 2022 next week. The company could be hinting at more devices than foldable phones, but there is no information about what its plan could be. Also Read – Jio Phone 5G to come with Snapdragon 480+ SoC and 4GB of RAM, reveals certification

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oppo, oppo inno day 2022, oppo inno day launch, oppo find n2, oppo find n2 flip Also Read – Twitter Blue may cost you a lot more on an iPhone, but less on web

INNO Day has become one of the important tech events over time, especially after Oppo began to showcase its latest technologies and concept products. The first one was held in 2019 when Oppo launched its first smartwatch. While that seemed like a low-key event, the next version saw Oppo showing off its rollable concept phone in 2020. Of course, the phone never made it to the market, but tech enthusiasts took note of the event. In 2021, Oppo introduced the MariSilicon X NPU, its first neural processing unit, as well as its first commercial foldable phone called the Find N.

Apart from the Find N2 devices, Oppo may also announce the successor to the MariSilicon X NPU at the upcoming INNO Day event. This chip will likely debut on the next Find X flagship phones, which are also expected to be powered by Snapdragon 8 Gen 2 processor. There may also be a preview of what the company has planned for the next year during the event.

Oppo will kick off INNO Day 2022 at 1.30 pm IST on December 14 through its official website.

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Google, Oracle, Amazon and Microsoft awarded Pentagon cloud deal of up to $9 billion combined

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The Pentagon building in Washington, D.C.

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The Pentagon said Wednesday that Amazon, Google, Microsoft and Oracle received a cloud-computing contract that can reach as high as $9 billion total through 2028.

The outcome of the Joint Warfighting Cloud Capability, or JWCC, effort is in line with the U.S. Defense Department’s effort to rely on multiple providers of remotely operated infrastructure technology, as opposed to relying on a single company, a strategy promoted during the Trump Administration.

A Department of Defense spokesperson told CNBC by email that “JWCC is a multiple award procurement composed of four contracts with a shared ceiling of $9 Billion.” 

An increasing tally of businesses have also sought to rely on more than one cloud provider. In some cases they rely on specialized capabilities on one and the majority of front-end and back-end workloads on another. At other times, they come down to cost. Having more than one cloud might make organizations more confident that they can withstand service disruptions brought on by outages.

Originally, the Pentagon had awarded the Joint Enterprise Defense Infrastructure, or JEDI, to Microsoft in 2019. A legal battle ensued as Amazon, the top player in the cloud infrastructure market, challenged the Pentagon’s decision. Oracle challenged the Pentagon’s pick as well.

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In 2020, the Pentagon’s watchdog conducted a review and ruled that there was no evidence to conclude that the Trump Administration had intervened in the process of awarding the contract. Months later the Pentagon announced it would stick with Microsoft for the JEDI deal.

Last year the Pentagon changed its approach, asking for bids from Amazon, Google, Microsoft and Oracle to address cloud needs. But the General Services Administration stated at the time that only Amazon and Microsoft seemed to be able to meet the Pentagon’s requirements.

Read more about tech and crypto from CNBC Pro

Wednesday’s result is a boon in particular for Oracle, which analysts don’t see in the top tier of companies offering cloud-based computing services. Oracle generated $900 million in cloud infrastructure revenue in the quarter that ended Aug. 31, a small fraction of the $20.5 billion total for Amazon’s cloud subsidiary, Amazon Web Services, in the third quarter.

All four of the technology companies have won indefinite delivery, indefinite quantity, or IDIQ, contracts, meaning that they can involve an indefinite amount of services for a specific period of time.

“The purpose of this contract is to provide the Department of Defense with enterprise-wide globally available cloud services across all security domains and classification levels, from the strategic level to the tactical edge,” the Defense Department said.

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Correction: A prior version of this story said each company was awarded a contract of up to $9 billion, but that number represents the combined total for the four.

WATCH: Roughly 75% of our customers use multi-cloud and data centers, says VMware CEO

Roughly 75% of our customers use multi-cloud and data centers, says VMware CEO



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Infinix Zero series launch set for December 20 in India: Check details

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Infinix has scheduled a launch event on December 20 for its upcoming Zero series phones. The Zero series is expected to have different phones and may have the Infinix Zero 5G 2023, which was released in the global market recently. Also Read – Infinix Hot 20 Play goes up for sale on Flipkart: Check details

The Infinix Zero 5G was launched with a new Dimensity 1080 chipset by MediaTek for under Rs 20,000. Let’s take a look at the details. Also Read – Infinix Hot 20 Play with a 6.82-inch 90Hz display and 6,000mAh battery unveiled

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Infinix Zero series launch, Zero 5G 2023 specifications

Infinix Zero series will launch on December 20 in India. The brand hasn’t confirmed what device it is releasing, however, the recently launched Zero 5G 2023 may land in India. Alongside this, we may also see the Infinix Zero Ultra smartphone. Also Read – Infinix Hot 20 5G launched with 120Hz display, dual cameras, and 12 5G bands

The Infinix Zero 5G 2023 sports a 6.78-inch punch-hole IPS display with a Full-HD+ resolution of 1080 x 2460 pixels. The screen has thin bezels on three sides and a noticeable chin at the bottom. The panel has a 120Hz refresh rate.

It features a triple camera system at the rear with a 50MP main lens and two 2MP sensors. On the front, it has a 16MP camera for taking selfies. The rear camera is capable of shooting 4K videos at 30 fps, mainly owing to the chipset inside.

The smartphone is powered by the newly released MediaTek Dimensity 1080 SoC paired with Arm Mali-G68 MC4 GPU. It has 8GB of RAM and 256GB of internal storage.

Both the RAM as well as the storage is upgradable via virtual RAM and microSD card. It supports 5GB of virtual RAM and up to 256GB of additional storage.

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As far as the battery is concerned, the device packs a 5,000mAh cell with support for 33W fast charging. The battery can be charged via the USB Type-C port at the bottom. It also has a 3.5mm headphone jack for audio.

It has Wi-Fi 6 and Bluetooth for connectivity. The smartphone boots on Android 12 OS out of the box and has XOS 12 on top.






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