business / news / / Hartford Courant
The tech sector announced more than 18,700 job cuts in March for a total of 52,050 this year.
AI was cited as the leading cause for about a quarter of all recent job cuts.
KEY POINTS
- Major tech firms' capital expenditures are at record highs, mainly for AI data centers and chips.
- Meta plans to spend up to $135 billion on capital expenditures this year alone.
- Most cost-cutting layoffs are offset within a few years as companies rehire or retrain staff.
- Despite layoffs, 60% of tech employers still plan to add permanent staff this year.
COMPANIES
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