Not a day goes by without a tech company announcing major job cuts. Today Paypal and Block (both payment service providers) have announced a total of 3500 job cuts, and recently Salesforce, Microsoft, SAP, Google, Ebay etc. have also done so. According to
https://layoffs.fyi, 25,000 documented tech jobs have already been cut this year.
What do you think? Is it just a shrinkage and normalization after the strong build-up of the workforce during Corona or a long-term trend that will accelerate through the use of AI?
involvement in the development of AI technology may also be a small part of the reason. But the bigger factor may indeed be due to the ongoing global economic downturn. The recession is really happening. Which makes the level of people's ability or purchasing power and spending power decrease over a period of time.
But for now AI has not replaced many human jobs but it does have the potential to replace many human jobs in the future. Or it could be that large companies already have AI technology that can indeed replace some areas of work in the company. And maybe the technology has not been published yet.