March alone saw 45,800 announced job cuts, the worst single month for tech layoffs in at least 2 years.
Tech layoffs are set to remain elevated with Meta's,
, recent plans to cut ~8,000 employees.
Furthermore, Microsoft,
, is offering voluntary retirement to ~7% of its US workforce, which could transition into layoffs if participation is low.
This comes as tech giants shift spending toward AI chips and data centers, trimming staff to free up capital for infrastructure.
US tech employment is rapidly contracting.
https://i.redd.it/lcma319ddzyg1.png
Posted by Boo_Randy_Revival
7 Comments
Source: [https://x.com/KobeissiLetter/status/2050630474129719568/photo/1](https://x.com/KobeissiLetter/status/2050630474129719568/photo/1)
That’s a discount of 580% in Trump speak.
This isn’t really about AI. That’s just an excuse they are using to make the company AI seem better and keep stock prices high.
The reality is if you work in big tech you know this is a massive correction. These companies over hired fairly low skilled workers for a long time while interest rates were low to artificially inflate growth and seem like they were doing more than they were. Facebook literally hired button engineers. These were people who just did a codecademy react course and were able to maintain buttons. The term ghost engineer is a real thing. 10% of software engineers and developers are doing 99% of the work while the other 90% act busy. This was bound to happen. It’s got very little if any to actually do with AI.
It’s funny, when they said “AI will take your job”, we all thought AI would do that job.
Turns out AI took your job by forcing layoffs to keep the company solvent after such a massive boondoggle.
Companies over-hired and now need to get rid of some people. The frame is: AI takes over, since it sounds better.
Boo_Randy is the new/same old Key_Brief.
I said on another thread but I’ll say it here. Unemployment is down even with these layoffs because I think they’re killing off high paying white collar jobs and pushing people into low paying jobs.