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Welcome to Axios Trends, our quarterly lookahead for politics, business, tech and more.

  • The trend: Powerful forces are putting pressure on tech giants, old and new, as they face their greatest challenges since the dot-com bubble burst 20 years ago.
  • I'd love to hear what you think — just reply to this email, or write mike@axios.com.
  • Smart Brevity count: 1,189 words, a 4½-minute read.

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