Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
Big Tech is slashing jobs—half a million and counting. And it’s blaming artificial intelligence.
A new study by Layoffs.fyi reports that layoffs in the tech industry have exceeded 100,000 so far this year —and keep in mind that the year’s only half over. That’s on top of 212,000 tech layoffs last year. And 165,000 in 2022.
Recent layoffs include Microsoft and Facebook, which each cut 10,000 jobs. Cisco dropped 4,000, Intuit 1,800. Even Amazon and Apple are laying off.
Part of this is the slowing economy, part of it is the hangover from the 2020 hiring binge. But what’s interesting is that now Big Tech is blaming AI for the mass layoffs.
Microsoft announced a multibillion-dollar investment into AI the same day it announced those 10,000…
