One thing we know about the mass tech layoffs attributed to "AI" is that they follow a trend of mass tech layoffs that firms were formerly forced to admit were the result of their businesses contracting sharply after the lockdowns ended, when users didn't need nearly so many cloud services. By blaming the continuing layoffs on "AI," companies whose business continues to contract can tell investors that they are on the bleeding edge, not the contracting tail.
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In related news: yesterday, Block announced it was firing half its engineers to make a "big bet on AI."
Block used to be called "Square" and it had a very successful business as a payment processor. It changed its name to Block when it went all in on crypto.
Block's mass "AI" layoffs coincide with a *50%* drop in Bitcoin, with concomitant collapses in other cryptos. Crypto market watchers warn that the industry is so overleveraged that this could lead to total collapse.
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@pluralistic Yeah, I've had a long-time position in what are now XYZ shares and it looks like time to move on.
Last SaaS company I had shares in that fired a bunch of people in favor of AI is now down around 30% since the announcement maybe six months ago.
Cory Doctorow
Roadskater, Ph.D.