Tech exceptionalism — the idea that technology companies somehow operate in their own rarified universe, beyond the constraints faced by normal businesses — was good while it lasted.
It helped many of today’s tech leaders keep regulators at bay. After all, why should they be subject to rules designed for more prosaic businesses that were founded in less enlightened times?
It also supported higher valuations. Who would not want the halo effect that comes from being associated with a fast-growing sector where stock is often sold at a multiple of a company’s revenue, rather than earnings? But when this vaunted self-image collides with the real world, the results can be jarring.
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