this post was submitted on 14 Jan 2024
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The tech sector is pouring billions of dollars into AI. But it keeps laying off humans (edition.cnn.com)
submitted 9 months ago by [email protected] to c/[email protected]
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The tech sector is pouring billions of dollars into AI. But it keeps laying off humans::The tech sector has kicked off the new year with a spate of fresh job cuts that are coming at the same time as the industry is doubling down on investments into artificial intelligence.

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[–] [email protected] 5 points 9 months ago

It’s going to be different for every company, but as someone who is close to the numbers and is in the rooms listening to the execs freak out, and is close to others in similar roles, a lot of tech layoffs are being blamed on pandemic over-hiring.

And I can attest to hiring a shit load in 2020 / 2021. It was kind of bonkers. There were lots of opening, not a lot of candidates, and as a candidate you could negotiate insane salaries. It reminded me of the dot com boom days of the late 90’s.