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The tech jobs bust is real. Don’t blame AI (yet)
Why technology firms are shedding workers.
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Union members protesting in New York against job cuts by Google’s parent company Alphabet in 2023. The tech sector continues to shed jobs but AI is not entirely to blame, says the report.
PHOTO : AFP
The Economist
American tech is in lay-off mode. Oracle, a wannabe cloud-computing hyperscaler, recently announced thousands of job cuts. Block, a digital-payments darling, is slashing more than 4,000 roles – nearly half its workforce. Amazon and Meta have announced redundancies. From 2022 to 2025, these two and the other five giants in tech’s “magnificent seven” scarcely grew their payrolls.
Total employment, technology-related and otherwise, in San Francisco, the world’s tech capital, has fallen by 3 per cent since the beginning of 2023.
