A year ago, Microsoft, Amazon and others were riding high.
Their cloud computing companies were generating $100 billion in annual revenue and their mobile phone operating systems were a big hit with consumers.
But now they are looking more and more like the big three.
The latest figures show that US tech companies are on track to lose $100.4 billion in 2016, according to a study by The Wall St. Journal.
The number is up 7% from $100,099 in 2015, and nearly double from $70.3 billion in 2014.
The decline in growth is especially striking given the explosive growth of new companies in the sector.
Microsoft is down 12% from its peak in 2014, Amazon is down 7% and Apple is down 2%.
And the US economy is expected to grow 1.2% in 2016.
It has already lost $40 billion in revenue in the past 12 months, according the report.
That’s $4.4 trillion in losses in the US tech sector, the worst annual performance since the dotcom bubble burst in 2000.
“There’s been a lot of noise and a lot more speculation in the space,” says Brian Wieser, a professor at the University of Maryland who specializes in technology.
“The trend line for tech companies is down.”
The WSJ survey also shows that the number of graduates with a technical degree is down by 1,700 over the past year.
The proportion of graduates without a technical diploma is down 15%, according to the survey.
“People are starting to worry about that,” says Jeff Rader, co-founder of the Washington, D.C.-based American Association for the Advancement of Science.
Tech graduates are more likely to be unemployed than the general population.
Tech is also facing challenges from its competitors in the technology sector.
Google is moving to make the search engine more like Facebook and LinkedIn, and Amazon has begun to build its own hardware and software.
Companies like Facebook, Twitter and LinkedIn are competing to offer a more streamlined and accessible experience to consumers.
Apple is also in a race with Amazon, Google and others in the tech space.
But even though the market for tech has been expanding, it has lost ground to Google and Amazon, according a report by the Wall Street Journaion.