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After a decade of exuberance, Silicon Valley start-ups, venture capitalists and established tech companies alike are cutting investment and firing workers, prompting some in the tech world to openly predict a U.S. recession is on the way.

Facebook and Amazon have slowed their frantic hiring paces, while highflying newer companies including scooter company Bird and email client Superhuman have laid off workers. Tesla chief executive Elon Musk recently told employees he has a “super bad feeling” about the economy, and venture capital firm Lightspeed Venture Partners warned in a blog post that “the boom times


Despite some late-week respite in the stock market on Friday, many tech firms are facing an increasingly tough reality: Interest rates are going up, as are prices, and the economy may be heading for a serious slowdown.

We may be seeing the initial signs of a weakened economy manifest in the once-frothy tech sector, too, as companies start to lay off employees. Among them are online used car retailer Carvana, which cut 2,500 employees last week, roughly 12% of its staff, according to data sourced from, an online tool created by entrepreneur Roger Lee after the onset of

Cogent Communications European network

Cogent Communications’ European network now reaches Ukrainian cities like Kyiv and Odessa, but no longer extends to Russia.

Cogent Communications

This story is part of War in Ukraine, CNET’s coverage of events there and of the wider effects on the world.

Cogent Communications told its Russian customers on Friday it has disconnected its high-capacity internet service because of Russia’s invasion of Ukraine and the resulting economic punishment much of the rest of the world has begun. The Washington, DC-based company made the move primarily to protect against possible Russian cyberattacks.

“In light of the unwarranted and unprovoked invasion of


Apps like Uber, Instacart and Postmates initially drew in gig workers with the promise of easy money (pick up a shift on your lunch break!), flexible hours, and unlimited earning potential. The reality, however, is that the apps’ workers face increasing challenges like low wages, scams, and penalties, all of which have been getting worse in recent weeks.

According to a report from Motherboard, Instacart has been temporarily suspending the accounts of Instacart workers who cancel deliveries, even in “no fault” special cases where no one was home or a minor ordered alcohol. Instacart says the suspensions happen when


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