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Layoffs in Big Tech
Recession or a result of overhiring during Covid-led boom?
Overhiring is not unique to tech - happens in every industry. Banking is notorious for ratcheting headcount. $GS was doing major cuts this week but it does not grab as much headlines as tech
@consumeowntech True. Tech seems to be more in the news.
100% overhiring. Also add $AMZN to that mix went from 800k to 1.5 mio in headcount.
@rihardjarc Indeed, Amazon too! Though a lot of that is warehouse staff from what I read.
@trendlinehq Yeah. I think $AMZN business model is probably one that will benefit the most from advancements of automation on AI. The EBITDA that could be unlocked is huge.
@rihardjarc Agree.Will be curious to see how it unfolds but they have a lot of gains possible from using fewer employees (i saw that they revenue/employee is trending in the wrong direction)
@trendlinehq Robotization and AI should be top of their mind right now.
By the looks of it, Microsoft, Meta, and Salesforce probably have even more layoffs in store
@nathanworden wont surprise me.
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