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Sam Jayne / Axios

Google has over 70,000 employees. One of them wrote a lengthy memo that, among other things, suggested that tech's gender gap can be partially explained by biology (i.e., men are more genetically apt to be good engineers than are women). Many of the 70,000 were outraged. Some were supportive. It leaked to the press and became mainstream news, even topping Monday's print edition of USA Today.

The narrative: This comes just weeks after several male venture capitalists were accused of sexual harassment toward female tech entrepreneurs, and that was on top of allegations of gender discrimination at Uber. In the course of a summer, Silicon Valley's reputation has devolved from progressive meritocracy to sexist cesspool.

What's really happening: All of these incidents reveal a dirty secret about America's technology industry: It is comprised of people who live in America. As such, it is prone to many of the same cultural flaws inherent in other industries and communities. Sexism. Racism. Intolerance of dissenting views, let alone interest in debating for the sake of greater knowledge. It's something we forgot in our rush to venerate the new masters of the universe. Would we have even batted a collective eye if the Google memo had been written by someone working in Wall Street, or at a Fortune 500 manufacturer? Tech is getting its moment in this unwanted spotlight because it claimed to have changed the paradigm, and we naively believed in what really was aspiration masquerading as achievement.

Why it matters: Technology is growing exponentially important in our everyday lives, and its creators are growing exponentially wealthy – America's five most valuable companies are each tech outfits. And there is no indication that it's some reversible trend. That its troubles are representative of our broader societal ills may be logical, but it is not comforting. The more powerful, the more responsible for moral leadership. Tech has earned the scrutiny, for better or for worse.

Go deeper

Biden condemns Russian aggression on 7th anniversary of Crimea annexation

Putin giving a speech in Sevastapol, Crimea, in 2020. Photo: Mikhail Svetlov/Getty Images

President Biden reaffirmed U.S. support for the people of Ukraine and vowed to hold Russia accountable for its aggression in a statement on Friday, the 7th anniversary of Russia's 2014 invasion of Crimea.

Why it matters: The statement reflects the aggressive approach Biden is taking to Russia, which he classified on the campaign trail as an "opponent" and "the biggest threat" to U.S. security and alliances.

Erica Pandey, author of @Work
2 hours ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.