Global technology companies are reducing their workforces in order to invest more in artificial intelligence (AI). Layoffs.fyi reported that over 165,000 technology workers were laid off in 2022 and 264,000 in 2023, with over 132,900 employees being laid off so far (prior to September) in 2024. Many firms explicitly attribute these layoffs to the spread of AI and machine learning. This includes companies like Cisco, Dell, Meta, Amazon, and Intuit. Other technology companies are also streamlining operations due to factors like economic slowdowns and the proliferation of AI and automation. The broader picture involves a shift to job “augmentation,” where employees may be trained on AI tools instead of being replaced, ultimately creating new positions.
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