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Tech companies are laying off tens of thousands of workers citing AI, but growing skepticism suggests the real reason is pandemic-era overhiring. The article highlights the tension between layoffs and the immense wealth generated by AI insiders.
Meta reported record Q1 revenue of $56B but is cutting 8,000 jobs to fund a $145B AI infrastructure budget, highlighting tensions between profitability and AI-driven restructuring.
Meta is reportedly cutting about 8,000 jobs this week as AI spending surges.
Cisco is cutting nearly 4,000 jobs (5% of workforce) to reallocate spending toward AI and cybersecurity, despite reporting record quarterly revenue and better-than-expected profit.