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Tech companies are slashing thousands of jobs as they pivot toward AI
(www.cbsnews.com)
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this post was submitted on 27 Jan 2024
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This isn't a good article and makes bad connections.
The idea is that they are slashing jobs because ai will do everything, and that doesn't hold water. To start with, ai is a burgeoning technology without a solid foundation right now. These people are not being replaced at all, and to take advantage of ai, you need more teams to make more things to find the ai product that actually sticks.
The current layoffs are nothing to do with ai and everything to do with shareholders. High interest rates coupled with the post pandemic growth falloffs mean that shareholders aren't seeing value in tech shares like they used to. So, the executive teams are laying off workers to raise shares.
Yes and it’s exactly the sort of thing that has happened before and will happen again. In fact it is so likely that you could probably create an CEO AI that starts firing or hiring depending on market conditions and give the bonuses to the workers instead.