Deepens the minus. Apple/ShutterStock
Rosh Hashanah and Yom Kippur are two important holidays marked in the month of Tishrei, which has earned the special title: "The Month of Selichot." In honor of such an important occasion, we went out of our way to reflect on our personal sins, but even more importantly, who should ask us for forgiveness this year? Here's a reminder of some of the stories we may have missed in the ChatGPT storm that hit us in 2022/23, and a brief overview of those who owe us a sincere apology from the heart.
Apple deepens our minus
This year, Apple entered the "buy now, pay later" segment in the United States. Users can pay up to six weeks after purchase – all interest-free. Competitors fear that Apple will once again dominate the market, just as it did with another equally popular development, Apple Pay. Consumer organizations in the United States fear that this will deepen the depth of the already large consumer debt that households already have, and consumers, on the other hand, are just waiting for the possibility of deploying their next gadget to as many payments as possible. We're waiting for Apple Pay's head of business, Jennifer Bailey, to kindly ask us, and the entire indebted American public, for forgiveness.
story Here is another affair that almost flew under our radar. Israeli startup Junco was suspected of fraud, falsifying documents and fabricating customers, which led to the theft of investors' money. The story raised many questions about the valuations of startups, and about the proper management of such companies that "run fast." Such entanglement created a real concern that future investments in the industry would be harmed at a time of economic recession. Junco's founder, Elite Raz, allegedly owes forgiveness to many people.
It caused a great stir in the world of technology. IKEA/ShutterStock
in a completely different matter, this year the American Silicon Valley Bank collapsed. This collapse raised fears of a crash in the startup market around the world, particularly in the startup nation – Israel. Silicon Valley Bank specialized in providing lines of credit to early-stage startups, and many Israeli companies borrowed from it and held large deposits – far beyond the insurance ceiling. For several nerve-wracking days, since the announcement of the bank's collapse, many companies have tried to withdraw their money from it, and salvage as much as possible what was left on the floor of the safe. Fortunately, the US Federal Reserve intervened, and the bank was eventually bought. At the same time, the banks in the Holy Land recognized the opportunity and began offering credit solutions to companies in distress. Accordingly, we expect forgiveness from Greg Baker, the bank's CEO at the time of the collapse, for adding a few more white hairs to many high-tech workers.
A tablet from IKEA
Next in line in our Selichot parade is Sweden, which has caused a huge stir in the tech world. The Swedish government announced this year that it had discovered nothing less than a national treasure in the form of a rare earth metals stockpile considered the largest in Europe. The chemical elements discovered in the vast reservoir are used to manufacture various electronic products: from wind turbines to electric cars. Currently, the EU imports about 98 percent of these metals from China. The Swedes, on the other hand, have their rhythm. We expect an apology from them because the estimate for the date of entry of rare metals from the new reservoir into the market is estimated for another 20 years.
No Pain, No Gain
The tech world has changed very aggressively in the past year – and how do you say? "Whoever doesn't, doesn't make a mistake." Accordingly, there is no doubt that many people, companies and even countries owe us, people in the technology industry and gadget consumers, a sincere apology. We won't be standing with a stopwatch, but it should come soon. In the meantime, until next year, we ask for forgiveness for the digs.
Good signature finish!
Snow Shfelter, in collaboration with "The Technologist", Bank Hapoalim's Technology Division
- More on the subject:
- Bank Hapoalim