AI hiring frenzy to fuel layoffs in other tech segments as firms strive to balance costs
Publishing timestamp: 2024-01-25 20:23:27
Summary
More than 20,000 tech employees have lost their jobs in 2024, with layoffs expected to continue in some areas of Big Tech. Companies like Google and Amazon are shifting their investments towards AI, leading to job cuts in non-strategic areas. The push for AI is seen as an expensive investment, and other tech companies are expected to follow suit. German enterprise software firm SAP is restructuring roles to focus on business AI. Other companies, such as Vroom and Duolingo, are also cutting jobs to prioritize their AI-driven businesses. The layoffs are attributed to global macroeconomic headwinds and the need to cut costs.
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Keywords: microsoft corp, sap se, business news, world economy, technology, jobs, vroom inc, layoffs, amazon.com inc, economy, duolingo inc, breaking news: technology, sundar pichai, breaking news: economy,