Since the beginning of July, Apple, Microsoft, Alphabet, Amazon, and Tesla have added $1.3T to their combined market value. This has helped the Nasdaq Composite rise by 14.8% over that same time period.

Why should we care?
Market conditions for major tech companies are far from guaranteed—SoFi, for example, saw its stock rally by 27% after it beat analysts’ Q2 expectations, only to plummet by 8% due to SoftBank selling its 9% share in the company. But, by and large, investors increasingly expect Big Tech to weather a global recession, boosting confidence in both the stock market and in these companies’ corner offices. If Big Tech does manage to weather the storm, however, smaller fintechs may have to contend with more aggressive acquisition strategies from these larger players—or see Big Tech lean into tried-and-true “if you can’t beat them, copy them” strategies. Granted, these larger firms are still conducting layoffs, which may let smaller fintechs employ top talent at slightly lower prices, and gain insights into Big Tech’s fintech ambitions. Smaller fish will have to be smarter about hiring choices and their bottom line than Big Tech does—but they can use a downturn as an opportunity to solidify their fundamentals and catalyze promising growth when the market stabilizes.