Fear and paranoia now cow a once-proud $1 trillion internet industry. Even if Beijing relents, the sector is a shadow of its former self.

PlayStation inventor Ken Kutaragi shrugged off the metaverse as the tech industry’s next big undertaking and head-mounted displays as the portal to that destination, describing them as dividing rather than unifying the real and virtual realms.

Gorillas, the speedy grocery poster child, is halving its HQ team to cut costs as it looks for fresh funding