Google Search will face a measurable decline in profitability and engagement due to competition from AI-driven search alternatives.

“I think that the biggest potential business loser this year is Google Search as measured by pure profitability and engagement.”

Capital-intensive growth businesses in the private market will experience severe financial difficulty due to a lack of available funding.

“my biggest loser is the general category of capital-intensive Series B through D growth businesses in the startup landscape, private companies.”

The American consumer is facing significant financial strain and will eventually stop spending, leading to a recession.

“my biggest loser for business in '23 is the consumer. I just don't understand how the consumer isn't going to finally tap out in this economy.”