AI is not the only threat menacing big tech

Photograph: Mark Peterson/ Redux/ Eyevine

Feb 2nd 2026|San Francisco|5 min read

THE BIGGEST worry in Silicon Valley is that the artificial-intelligence boom turns out to be a bubble. Yet beneath the surface, another risk looms. Digital advertising, which accounts for a large and growing share of big tech’s revenues, is looking less recession-proof. Having shrugged off the previous two downturns of their short history, in 2008-10 and 2020, digital ads are likely to take a serious knock when the next one eventually hits.