Joe Procopio’s Post

Let's Talk About The Real Reason For All These Tech Layoffs. I'll recklessly speculate in my new article for Inc. Magazine https://lnkd.in/eEx4nwSF #innovation #technology #startup #ai 

Let's Talk About The Real Reason For All These Tech Layoffs. I'll recklessly speculate in my new article for Inc. Magazine https://lnkd.in/eEx4nwSF #innovation #technology #startup #ai 

2024 continues to see significant tech layoffs, impacting both big names and startups. As AI and automation reshape our industry, it's crucial to stay informed about these changes and their human impact. Check out this detailed list of recent layoffs.

Take a moment to read this article. Would love to hear thoughts . TL;DR version - Layoffs are often framed as growth strategies, which is inaccurate. - Many misunderstand AI, believing it can replace all tech jobs, but current AI capabilities are overstated. - Investors overspent during economic highs and the AI race, leading to financial strain. - Increasing demands from tech workers on work conditions and pay contributed to the layoffs. - Poor decision-making by those in charge, who misunderstood tech and reacted poorly to market changes, worsened the situation. #Layoffs #Tech #AI #JobMarket

While this article points to some good news on the horizon, it doesn't peel back any additional layers on what a lot of us suspect is going on with the layoffs in tech. It's not just about interest rates, but in fact is part of the rise in Generative AI, though not in the way that many of us expect: it's not about job replacement, but is down to the MASSIVE cost of compute power that these technologies require. EVERY TIME you use search engines with AI/Chatbot functionality it costs those companies money. And not just fractional cents. We're talking actual pocket-money. Every. Single. Time. Just think about that for a second... actual pocket-change going out the door per search with hundreds of millions of active users. And that's just one example of how massively inefficient and costly this tech still is. The release of GPT kicked a giant hole in everyone's budget, and they are still scrambling. THAT is the story of why the layoffs have continued after the hack and slash in 2022. This has been my TedTalk...

🗞️ 🚨 Fisker and Google are back in the tech layoff news cycle, after initiating new rounds of cuts. Find out the details here: https://lnkd.in/eiUMQD8k #techlayoffs #2024techtrends #fisker #google

A comprehensive list of 2023 tech layoffs | TechCrunch: From major layoffs at Google, Amazon and Microsoft to small fintech startups and apps · January: 89,554 employees laid off — see all January 2023 Tech ... #finpeform #fintech

Last month, the Editor In Chief of TechCrunch+ wrote that tech layoffs were pretty much a thing of the past. He might have jinxed it. Despite signs of economic recovery and predictions of avoiding a recession, tech companies continue to lay off employees. In October, Nokia announced it was laying off 14,000 employees following a quarter that saw profits drop by 69%, and other major tech companies like Qualcomm, Qualtrics, and LinkedIn also announced significant layoffs. Experts suggest that while the economy is improving, the recovery process is slow, leading many companies to prepare for a longer period of economic sluggishness. Read more from Haje Jan Kamps on tech layoffs here: https://tcrn.ch/3tVRaea #TechCrunch #technews #layoffs

A comprehensive list of 2023 tech layoffs From major layoffs at Google, Amazon and Microsoft to small fintech startups and apps (Dave Poirier shared this interesting article in one of his comments...) #layoffs #techlayoffs #developersjobmarket

From Tech Crunch Waves of tech layoffs A comprehensive list of 2023 & 2024 tech layoffs From major layoffs at Google, Amazon and Microsoft to small fintech startups and apps But tracking these layoffs helps us to understand the impact on innovation, which companies are facing tough pressures and who is available to hire for the businesses lucky to be growing right now. Unfortunately, it also serves as a reminder of the deeply human impact of layoffs and how risk profiles could evolve from here.