The health of the economy is now a major concern for companies and investors.

Will the economic machine slow down to the point where it stalls? The Federal Reserve will continue to aggressively raise interest rates, more sharply than many investors expected. Some economists expect central bank monetary policy plus the energy crisis in Europe to lead to a hard economic landing, or recession.

The Fed’s actions are a particularly bad sign for technology companies, whose products are often the first to be abandoned by consumers and households in tough times. When rates rise, companies tend to defer their investments, while investors are more likely to choose caution and liquidate risky assets.

Sundar Pichai, CEO of Alphabet (GOOGL), parent company of search and cloud giant Google, has just confirmed that the economic horizon is blurring.