Frayed supply chains and U.S.-China tensions were on the minds of many tech executives in Davos for the World Economic Forum this week.
Why it matters: Nearly every tech company is dealing with the one-two whammy of a global semiconductor shortage combined with COVID-related disruptions in China and elsewhere.
Wherever the world's attention might be focused right now, it's not Davos, Switzerland.
Driving the news: When a major new trade pact was announced on Monday — encompassing 13 countries including the U.S., Japan, India, South Korea, and Australia — it was at a summit in Tokyo, 6,000 miles from Davos.
The premise of the World Economic Forum is that if you bring powerful people together across borders, they can solve some of the world's thorniest problems.
But if this year's forum is any indication, the biggest geopolitical players can't even gather in the same room anymore.
Good afternoon, and welcome to our deep dive from Davos, Switzerland, where Team Axios — Dave Lawler, Felix Salmon, Ina Fried, and Axios publisher Nicholas Johnston — covered the World Economic Forum's annual meeting of heads of state, CEOs, activists and celebrities.
The tradition of paying a month's rent (or more) into a landlord's escrow account is being challenged by young companies that offer alternatives to the cash security deposit.
Why it matters: There's a lot of money at stake: An estimated $45 billion sits in security deposit accounts. And while the current system has its flaws, the alternatives also have pluses and minuses.
Looks like America's home buying binge is winding down. There's a vibe shift visible in both the official data and in the anecdata from sellers, buyers and brokers.
Why it matters: This is just what Jerome Powell ordered. The slowdown means the Fed's rate hikes are working — cooling demand in an overheated market.
Billionaire wealth — on paper, at least — has tumbled dramatically during Wall Street’s recent turmoil, illustrating important lessons for everyone about the ephemerality of stock gains and losses.
Why it matters: Net worth is something of a public obsession, and a bit of a chimera avidly followed by publications like Bloomberg or Forbes. Yet the stark reality about paper wealth – especially fortunes tied to volatile technology stocks – is that it can be ephemeral, and attempts to put an exact figure on it can be misleading.
