2021 was the year of global tech giants, with the big 5, Amazon, Meta, Alphabet, Microsoft, and Apple, reaching a combined revenue of over $1.4 trillion. That is more than Mexico’s entire GDP. US Stock markets had their best year yet, as the 5 companies collectively added more than $2.45 trillion in market valuation, while Microsoft, Apple, and Alphabet were the three most prominent contributors to the S&P 500 Index’s 2021 gains. But that has all come to a screeching halt, and the downfall is not slowing down.

Since the early months of 2022, global markets have been slaying big tech. Amazon, Apple, Meta, and Microsoft are down 19%, 31%, 13%, 38%, and 17%, respectively. All are underperforming the S&P 500, one of the most commonly followed equity indices. Some big companies are doing even worse. Netflix has dropped 67% year-to-date, Nvidia is down 44%, and Lyft lost nearly a third of its value in one day. The tech-heavy Nasdaq index ended April with its worst monthly performance since 2008.

The crash has numerous reasons, and some financial media outlets have been comparing it to the dot.com debacle and the 2008 financial crisis. Covid-19 triggered a chain of events that was, at first, causing stock rises but is now sending investors to the other side of the equation. The US Fed interest rate hikes are deprioritizing future growth, the war in Ukraine is causing chaos across sectors and supply chains, and growing inflation leads to less spending.

Meanwhile, in Africa’s solar sector

Jeff Bezos wrote on his Twitter last week, referring to the market crashes, "Most people dramatically underestimate the remarkableness of this bull run. Such things are unstoppable … until they aren’t. Markets teach. The lessons can be painful.” so what are the markets telling us?

While private investors and international funds stir away from big tech, another sector seems to be constantly rising. Renewable energy companies have been experiencing a growing focus, with some exciting developments. In late April, Africa’s solar industry saw a big M&A deal and a series D funding; both reportedly done with very high valuations.

While the entire world shifts to clean power to battle climate change, Africa has another important reason for the growing adoption of renewable technologies. With more than 660 million people across the continent still living in the dark, solar off-grid solutions are increasingly becoming the go-to for local governments and international support agencies.

With a growing population, expected to encompass 25% of the global population by 2050, the demand for power from the continent is rapidly growing. According to estimates by the IEA, Africa’s demand for electricity has outgrown supply every year since 1990, creating a growing power deficit that Africa’s power providers are struggling to close. With the increasing supply and short demand, grid power is often inadequate for those connected to it. The need for grid strengthening, off-grid options, and extreme affordability all lead to one solution—solar energy.

UK-based consulting firm Kleos Advisory estimates that the African off-grid solar market could present a commercial opportunity of around $24 billion annually. Companies across the sector are beginning to enjoy these estimates—the growing interest of investors. With international development agencies, including The World Bank, GIZ, USAID, and many more, allocating billions in growing budgets to connect Africa’s communities to renewable energy solutions, the sector’s potential has never been so clear. Markets teach. We should all be taking notes.

 The writer is an entrepreneur and investor,leading sustainability-driven companies in Africa and the Middle East