"Microsoft cut 15,000 workers last year. Amazon laid off 30,000 employees in the last six months. Financial-services company Block eliminated more than 4,000 people, or 40% of its workforce, in February."
"Estimates put the total number of tech layoffs in the past year at more than 165,000, according to the tracker Layoffs.fyi."
"The anxiety extends beyond Silicon Valley. Because tech companies are seen as innovators of the corporate world, as they reduce their headcounts in anticipation of AI efficiency gains, the moves could set a precedent for other businesses to make similar cuts."
"Many AI experts say we're still a long way from AI being able to replace large swaths of the workforce, if it ever can."
The rise of artificial intelligence has led to significant job cuts in the tech industry, with major companies like Microsoft, Amazon, and Meta laying off thousands. Over 165,000 tech workers have lost their jobs in the past year. The trend of layoffs is driven by companies prioritizing AI investments and anticipating efficiency gains. Despite AI's advancements in coding and data analysis, experts believe it is still far from replacing a large portion of the workforce. This situation has created widespread anxiety among tech employees about the future of their careers.
Read at www.theguardian.com
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