^^ POTD. Roughly 50% of all US dollars in circulation were printed in 2020 and 2021 -- the status quo became simply unsustainable. On top of that add Baby Boomer retirement capital going low-risk (i.e. out of tech).
On top of the end of cheap money, add increased operating cost due to Baby Boomers leaving the work force (~400k net loss of workers), passed-down costs of reshoring supply chains, and a burgeoning energy crunch due to the war in Eurasia.
Roughly speaking, "tech" investments are riding the tip of the bullwhip here. I expect that not-yet-profitable startups are the most vulnerable, but the sea change pervades anywhere that 2023 dollars are being spent chasing payoffs that are "many" years out and even mildly at risk.
According to Peter Zeihan, France (along with Turkey & a few others) will be emergent empires of the post-globalist age. There is ample precedent for and, and for some countries, explicit codification of using commercial tech products for state ends, particularly espionage.
So a) this is not a surprising direction at all and b) this sets up a nice little pre-fertilized, fully-walled-off plot for a French omnibus tech company to explode into.
Zeihan! Zeihan Zeihan, Zeihan Zeihan Zeihan, Zeihan Zeihan Zeihan.
Zeihan Zeihan Zeihan Zeihan? Zeihan Zeihan.