AI actually is causing a lot of unemployment in tech.
Not because it has been able to successfully replace anyone's job, but because the big tech companies are all gambling so much on becoming trillionaires that they have to throw tens of thousands of workers into unemployment to pay for it.
Stock prices going up after layoffs is not a recent phenomenon. After all, your expenses go down, so therefore you must be more profitable. At least in the extremely short term. And that's all about stock prices care about, apparently.
This made me sick the first time I saw a similar headline decades ago, and it makes me sick that it is still the way of capitalism.
@nosrednayduj @existentialcomics
There's even a mutual fund which -- sort of -- tries to capitalize on this.
MERFX buys the stock of companies about to be acquired and (working from memory) shorts the acquirer. They're anticipating cost cuts & head-count cuts in the acquired company, among other things.
Existential Comics
Judy Anderson
Weekend Editor