Tech layoffs surge 44% as companies cite AI while posting record profits
By
Connie Loizos
Hot, fresh, and worth queueing round the block for.
Summary
Tech companies are posting record profits while laying off tens of thousands of workers, citing AI as the official reason. So far this year, nearly 150,000 people have been affected across 363 layoff events — a pace 44% faster than last year. The article highlights the growing tension between mass layoffs and the immense wealth being generated for a small cohort of AI insiders, framing the situation as a potential powder keg of worker discontent.
Key quotes
· 3 pulledCompanies are posting record profits and revenue while laying off tens of thousands of people, citing AI as the official explanation.
Tech layoffs hit their highest single month in two years last month, with nearly 40,000 cuts.
At the very moment that tens of thousands of workers are being shown the door, a small cohort of AI insiders is becoming wealthy on a scale that's hard to comprehend.
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