Chinese tech giants give up lavish spending, cut costs in the face of economic headwinds

Even the great growth engine of China is not immune. This reminds me of the dot.com bust (web 1.0) in 2001. The main difference is the vapourware and exponential growth prospects of e-commerce have been realized and maturing (web 2.0). So the next growth phase, web 3.0, is just starting.