The Russian invasion of Ukraine has already had an impact on the energy and commodities markets, and the next market to take a hit is tech, says Business Insider.
“Semiconductor bottlenecks could get worse as the Ukraine crisis deepens, with 90% of U.S. semiconductor-grade neon supplies coming from Ukraine, and 45% of the world’s palladium coming from Russia.
“But the impact on the tech industry will not stop there. That’s because pre-invasion Ukraine was also a valuable, growing hub for tech talent. Tech accounts for over 4% of Ukraine’s GDP; while this is much smaller than, say, India, where the share of tech in GDP is closer to 8%, it was growing fast.
“According to one count, the country is home to over 240,000 tech specialists and more than a hundred R&D centers for international companies. The country’s small but growing blessing of unicorns include ventures such as Gitlab and Grammarly.”
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