Transcript: 

Roy Van Keulen: The key theme that I will be looking out for in 2023 and beyond is the return in focus on cost. So, tech for the past maybe 5, maybe 10 years has been very much focused on the revenue side of the equation. And for a long time that made a lot of sense because tech was always like—the promise of a tech investment was always—you invest in something that once it's up, doesn't have a lot of incremental costs for running it, right?

So, there should be a lot of operating leverage there. But what tended to happen is that whatever incremental revenue was generated, got reinvested into the production of additional products and services. And in a low interest rate world, there's not a lot of scrutiny on the ROI of those investments. But with interest rates returning to more normal levels, that scrutiny is returning. And at the same time, tech companies have had through COVID quite a boost for their products and services, so whether it was setting up e-commerce, cybersecurity, SaaS, all of those companies saw a lot of increased demand and just general other commerce players did the same. So, retailers just boosted all of those presses as well because of COVID.

Now, that that demand is coming off, they are in a situation where they've maximized spend to a certain revenue level, and now the revenue is coming off. So, I think there will be a lot more scrutiny on the expense part of the equation. And an additional interesting element for that is the acquisition of Twitter by Elon Musk, who by some accounts has fired half of the staff and it still seems to run. So, a lot of investors are now kind of looking at other tech companies with the question how many of these people do you actually need? Or are you running a childcare service for people who can code? So, that's an interesting dynamic that I look forward to seeing how it plays out over the next couple of years.