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dungone t1_j24ka8d wrote

Reply to comment by tickleMyBigPoop in Google Employees Brace for a Cost-Cutting Drive as Anxiety Mounts by Brook030

It's a laughing stock because it enables fraudsters to separate idiot investors from their money, not because you have a friend who came to the US for a job. The VC industry is full of bloviating billionaires who lose their money on things like Theranos, WeWorks, Uber, Twitter, Tesla, Juicero, and every conceivable cropto ponzi scheme, and then try to take their bad decisions out on the rest of us by calling for mass layoffs of tech workers. They are a laughing stock.

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tickleMyBigPoop t1_j24me8r wrote

Is that why it still attracts more international investment capital than the European tech market?

For all the companies that flopped or pulled an FTX/theranos there’s even more the succeeded in generating returns. Europeans won’t ever have a comparable tech sector because they lack the risk tolerance.

Just the entrepreneurial cultures are totally different where in the US if you fail then you do it again and everyone is totally cool with that. Including investors. I think Sweden is the country that’s comparable when it comes to startup risk tolerance, at least that’s from what i saw doing projects across Europe.

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dungone t1_j24siya wrote

I believe a large chunk of the foreign investment comes from the Saudi royals who are famous for squandering their nation's wealth on hairbrained projects.

The number of startups in the USA is actually at an all time low. And in case you haven't noticed, the valuations of American tech companies are experiencing a massive correction.

"Risk tolerance" is just another way of saying that you're vulnerable to grifters. And indeed, that's what American tech has become synonymous for this year. https://www.theguardian.com/technology/2022/dec/29/tech-grifter-sbf-elizabeth-holmes-therano-ftx

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tickleMyBigPoop t1_j24toqe wrote

Just use any excuse you have to ignore the fact the european tech sector basically doesn't exist when compared to the US tech sector outside of one company that makes photolithography machines, and that no one in the world cares to invest in it relative to the US tech sector.

as you post on reddit, which is hosted on AWS, which runs on servers with Intel or AMD cpus

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dungone t1_j24uycv wrote

90% of the world's advanced microchips are made with European technology. And ARM architectures are European. It's an existential crisis for AMD, Intel, Qualcomm, Nvidia, etc., who are fighting to try to buy it. At this point American computer hardware is very much dependent on foreign technology and is using government protectionist policies and subsidies to stay afloat. Meanwhile, the EU is very much investing in chip design and foundries and they will not be beholden to any foreign countries.

American tech industry is famous for consumer-focused get-rich-quick schemes. This is a very big problem for Silicon Valley - it is always looking for the next consumer trend, like the fashion industry. The EU has long been making longer term bets on technology for their existing industrial and commercial base. For example, Italy has almost as much industrial robots as the USA, while Germany and Sweden have far more. And there are plenty of EU startups focusing on that space. As another example, there are plenty of agri-tech startups in the EU that receive lots of funding. As another example, while American banks are still running on code written in the 1960's, countries like Spain and Germany are leading the way in developing high quality modern banking software. Even the governments of the EU are investing in gov-tech which includes everything from electronic voting to collaborative law editors for legislative bodies. EU is solving a lot of "boring" stuff that the USA can't touch, such as having a single app that lets you plan your trips and pay for any train, bus, taxi, bike, scooter, rickshaw, and any other form of transportation across all of Europe.

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