Silicon Valley Nordic Beat: Weekly Buzz & Insights
October 25, 2024
Editor’s Column: A Split Runs Through Silicon Valley — or Maybe It’s Just Business as Usual
With 10 days left before the election, Silicon Valley appears divided, or at least more divided than the last election in 2020. For some, the election is pivotal in shaping tech policy and the future of global business. Others believe that, regardless of who wins, Silicon Valley's drive will continue uninterrupted.
Cryptocurrency and AI have become symbols in this debate, highlighting divisions over free speech, economic freedom, and America’s future role in tech innovation.
And yes, it is hard to get used to Elon Musk now being one of Trump’s most dedicated supporters, investing millions in his campaign. During Trump’s first term, Musk publicly criticized the decision to withdraw from the Paris climate agreement, tweeting that “climate change is real.” He then stepped down from Trump’s advisory councils in protest.
For Nordic companies, the stakes could be high this election. Biden’s win opened up new opportunities for sustainability-focused partnerships, and the Nordics quickly ramped up investments in green tech initiatives. A second Trump term could close that window, potentially stalling or reversing progress on collaborative sustainability projects.
But how much does the election matter for Silicon Valley? One investor told me: “Everyone is holding off on major decisions until the outcome is clear”. Another remarked that Silicon Valley’s momentum will persist, election or not—business as usual, in other words. Yet, for foreign companies, the concerns are more immediate. Some are working to establish U.S. subsidiaries, bracing for the possibility of a more restrictive and closed approach under Trump.
One peculiarity of living in Silicon Valley is that presidential candidates never campaign here, yet both Trump and Kamala Harris visit regularly. Most of us have seen the long motorcades of black cars on Highway 101, or jets, landing at Moffett Field in Mountain View. California’s electoral votes may not be up for grabs, but millions of dollars in campaign funding certainly are.
