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?
End-stage-capitalism, basically. Americans are going to be at each other's throats at the crescendo. But that is going to be interested to watch for the rest of the world. But ultimately in the long-term, AI will bring more jobs than it currently is taking. So I do not think that the major job cuts have anything to do directly with AI. I think it is regularly just cutting corners wherever and whenever it pleases the stock holders.
Market conditions are as uncertain now as they have ever been in the past. Even more so, looking at the world situation. I guess the companies you mentioned are preparing for shrinkage, if anything.