business / news / / Times of India
April turned into the worst single month for announced tech-job reductions in at least two years.
Tech companies cited AI spending as the primary driver behind over 92,000 layoffs so far in 2024.
KEY POINTS
- Alphabet, Meta, Amazon, and Microsoft are projected to spend $674 billion on AI capital expenditures this year.
- Meta will let go of 8,000 employees and leave 6,000 roles unfilled to fund $135 billion AI investment.
- Oracle's AI-related debt load is drawing heightened concern from Wall Street analysts, influencing job cuts.
- AI-generated code now accounts for over 65% of Snap's new code, enabling significant staff reduction.
COMPANIES
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