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John Chambers expects a ‘tough’ 2023 but plenty of opportunities for AI, cybersecurity | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware

Venture capitalist John Chambers is an eternal optimist, but even he admits 2023 could be “tough” for tech.

While this could sideswipe a couple of Big Tech companies, leading them to a road of losing market leadership by the end of the decade, it could present an opportunity for startups in artificial intelligence and cybersecurity to become the next Microsoft Corp.
or Alphabet Inc.’s


“This year is going to be tough” with many CEOs predicting recession,” Chambers, the former chief executive of Cisco Systems Inc.
told MarketWatch. “However, I believe strongly that downturns are when the next generation of leaders can emerge. This is when great companies are formed.”

Chambers, whose annual predictions on what’s in store for tech have been remarkably prescient the past few years in predicting a COVID-fueled tech surge in 2021 followed by significant drop-off in 2022, expects artificial intelligence and cybersecurity to be the hottest areas. “This is the year AI crosses the chasm, from early innovators and adopters to a majority of companies using it for cost reductions” on customer service. He expects cable services to be the first widely adopt AI, followed by sales.

Cybersecurity, meanwhile, will remain a “top-three board agenda” for a decade as companies scramble to tamp down ransomware and global issues around China and Russia fester, he added.

The ascendance of well-funded startups inevitably will hurt some of tech’s biggest players, some of whose reign is about to wind down. “From pattern recognition, we know that companies don’t stay on top for more than a couple decades,” said Chambers, who stepped down as Cisco CEO in 2015 after 20 years.

“During a downturn, you will see top players lose ground to competitors,” Chambers said, while declining to name which of the big six — Apple Inc.
+0.88%, Inc.
Facebook parent Meta Platforms Inc.
Microsoft Corp.
Alphabet Inc.’s

Google, and Netflix Inc.
— will lose ground.

“Look at the stock performance the last six months, and the markets that haven’t picked up,” Chambers, offering clues.

Chief among the tech segments that have been slow to gain widespread adoption are self-driving cars, the metaverse, and cryptocurrency, Chambers said. “People got too far ahead of their skis,” he said. “Jamie Dimon [CEO of JP MorganChase & Co.
] had hesitations about crypto, which screams buyer beware. Cars will move more quickly to electric models and a digital dash before true self-driving cars. Metaverse just got way ahead of itself as a concept.”

Another market losing momentum is China, after it “kicked our tails the last decade” with technology, especially in creating unicorns, Chambers said. “Now, we are seeing much faster-paced startups in India and France.”


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