How The War in Ukraine is Impacting Tech Industry

 How The War in Ukraine is Impacting Tech Industry

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Tech Industry Takes a Hit from Russian Invasion of Ukraine

Tech Summit

The tech industry is among the most impacted by the ongoing war in Ukraine. Companies such as Adobe, Amazon, Apple, Microsoft, Netflix, and Sony have announced the suspension of a significant number of operations, services, sales, and more in Russia.

In response, IT workers in Russia have signed a public anti-war petition, and Russia has blocked access to Facebook in the country. Tech companies like Apple, Google, Microsoft, and YouTube have also sought to limit disinformation by either removing or lowering in search rankings information from Russian media outlets like RT.

Ukraine has taken the resistance into cyberspace by using an IT army to hack Russia and its allies, calling on tech leaders to get involved. Ukraine also made a public call for donations in cryptocurrency to support its army, accepting Bitcoin, Ether, or Tether. This marks the first significant event where cryptocurrency was part of the equation and is seen as an accelerator for the crypto sector.

Ukraine, Russia, and Belarus are considered the Silicon Valley of Eastern Europe, with one in five of the Fortune 500 companies with tech staff resources based in that area, including tech giants like Google and Oracle. This will likely further increase the shortage of tech workers. Furthermore, 90% of semiconductor manufacturing for the US is done in Ukraine, and 45% of the palladium comes from Russia, which will have knock-on effects on the semiconductor shortage.

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