So farewell then H1 2022. Tech investors may look back in angst at their losses in the first half of the year.

It was the worst in the US for S&P 500 companies in more than 50 years, with a fall of 20.6 per cent in the index. The tech-heavy Nasdaq outdid it, however — down almost 30 per cent from the start of the year. Rob Armstrong’s Unhedged newsletter takes a look at the depressing half-time numbers.

The half ended with Micron Technology’s earnings. The memory chipmaker has already put a damper on the second half — guidance for its August quarter was well below Wall Street expectations. It predicted $7.2bn in revenues, down 17 per cent quarter-on-quarter and compared to an analyst consensus of $9.3bn. Micron blamed weakening smartphone and PC sales, demand and supply issues in China, and elevated inventory levels among its cloud computing customers.