Meta and Microsoft cut 20,000 jobs/ The AI crisis has arrived, 900,000 people have left since 2020
Artificial intelligence is increasingly threatening jobs. Recently, Meta and Microsoft announced that they will cut about 20 thousand jobs, just a few months after Amazon announced that the current layoffs may be just the beginning.
These companies, which are collectively spending hundreds of billions of dollars a year to build out their AI infrastructure, are seeking greater efficiency by cutting headcount. They are also trying to slim down their workforces, following the overstaffing fueled by the pandemic. Many economists and industry experts fear that a jobs crisis could be imminent, given how quickly AI is spreading around the world. As of April 24, more than 92,000 tech workers have been laid off this year, bringing the total to almost 900,000 since 2020.
Concerns about job losses have been mounting since OpenAI launched ChatGPT in late 2022. Fears of job losses began to intensify last year as Anthropic’s Claude tools began doing the work of entire business divisions. Last month, Snap said it would cut 16% of its workforce, or about 1,000 employees, while Salesforce laid off 4,000 people in customer support positions.
However, technology optimists argue that AI is reshaping human work, not replacing it. And as in previous waves of massive industry change, new jobs will be created to adapt to the needs of the changing economy.
But it's not just tech jobs that are at risk. Nike announced a new round of layoffs on Thursday, affecting about 1,400 employees, mostly focused in its technology department. But the spending continues. Alphabet, Microsoft, Meta and Amazon are expected to spend a combined $700 billion this year to boost infrastructure for artificial intelligence.
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