AI-Driven Tech Layoffs Could Trigger a 1.6 Million Job Recession - CNET
When Meta began laying off 8,000 people in May, it felt like an omen. Meta, the parent company of Facebook, Instagram and WhatsApp, had seen several high-profile failures, from the death of the metaverse to its multibillion-dollar court setbacks. The Magnificent Seven — the tech giants that drive US stock market gains — seemed to hit a plateau over the last year, as more investors expressed concern about a potential AI bubble.
A wave of recent tech layoffs and buyouts reveals a growing volatility in the tech industry, as major companies restructure to cut costs and redirect spending toward AI. In just the last few weeks, Google extended its voluntary buyout program to select employees in five countries, and the graphic design platform Canva reduced its staff by 22%, laying off or relocating 1,271 employees.
Companies that have laid off or offered buyoutsto 1,000 or more employees this...
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