The start of 2024 has seen a significant number of layoffs in the tech industry, with 91 companies letting go of 24,564 employees in January alone. Despite a booming U.S. economy, thriving tech industry, and tech stocks hitting new records, companies like Microsoft, eBay, Flipkart, and Swiggy have announced job cuts. Microsoft is laying off 1,900 gaming staff, eBay is cutting 1,000 jobs, and others are planning reductions. The layoffs, described as a 'layoff contagion', continue a trend from the previous year and are seen as a secular trend driven by factors such as the adoption of AI, which is replacing junior workforces and human resources jobs, despite findings from an MIT study that AI is still more expensive than human labor in many jobs. The media and entertainment industry is also facing layoffs due to rising costs and debt issues.
Tech companies are slashing thousands of jobs as they pivot toward AI https://t.co/mdmH45h6EA
I actually think all these tech layoffs are a new secular trend vs some kind of economic cycle indicator... The rise of AI + the globalizing/flattening nature of the online economy is just going to nuke all these 6-figure 'make work' US tech jobs over the next ten years... https://t.co/nWxDE3WFFW
Junior workforces are being replaced by AI
The media and entertainment industry's reckoning will continue in 2024 with more layoffs as rising costs and debt-ridden balance sheets continue to weigh on the embattled sector. https://t.co/Z5DfuSgu4W
Nearly 25k tech jobs shed so far this year, even after the bloodbath of 2023. Driving the mass sacking of tech employees? Layoff contagion https://t.co/WcFVL0EBoB
Oops! Replacing Workers With AI Is Actually More Expensive, MIT Finds https://t.co/U29WmTz5kq
Tech layoffs this week: Microsoft laying off 1,900 gaming staff, eBay cuts 1,000 jobs, and Flipkart, Swiggy plan job cuts, and more https://t.co/GtnFP0bmbp
AI is replacing human resources jobs https://t.co/JH2zkzog0w
AI still far more expensive than humans in most jobs: MIT study https://t.co/addAHnAfxr
Tech Stocks Hit New Records as Tech Layoffs Rise Amid AI Hiring Sprees https://t.co/L4fsQ7JDrz
In tech, 2024 started the way 2023 did — with a wave of layoffs — even though the U.S. economy is booming and the industry is thriving. https://t.co/bTbA8mUqmc
Humans still cheaper than AI in many jobs, says MIT study. MIT Computer Science and Artificial Intelligence Lab's paper says workers can't be cost-efficiently supplanted by computer vision & other AI. Yet. https://t.co/1ACgrSGllZ Via @business @technology w/@vladsavov #AI
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Layoffs in 2024: List of companies that have announced job cuts so far this year According to data from https://t.co/KEsbpkTzVo, so far in January, 91 tech companies have fired 24,564 employees. https://t.co/VmRO5lYAvd