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this post was submitted on 14 Jan 2024
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There's a lot of weird stuff going on with the layoffs. Maybe the motivation is compensation but I have a feeling it's a confluence of things. From what I've been observing a lot of the layoffs seem to be in unprofitable business units. At the same time companies are dumping a ton of investment into generative AI and the salaries in that space are even crazier. So possibly what's happening here is these companies are making a bet that GenAI is the next big thing and they're shutting down or scaling back unprofitable businesses to pay for it. In other words AI is taking jobs but not in the way people thought it would.
I don't think it's that complex really - in economic downturns big companies do mass layoffs. It's standard capitalist behavior to do cuts during recessions and hire more during booms.
It's similar logic to keeping the unemployment rate at ~4%