Stock charts and bond graphs from the past 18 months have seen all sorts of wonkiness and volatility. But the story of the U.S. dollar is much simpler: Since the start of 2021, it has inched up, and up, and up. Today, it’s trading at its highest point in roughly 20 years. And while the venture capitalists who spent their summers in Europe certainly must have relished the rally, it’s not great for the world’s largest tech companies.
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