Financial Times: Sweeping job cuts have become the norm in Silicon Valley since the Covid-19 pandemic, when companies embarked on a hiring spree built on expectations of sustained demand for digital services. Many have continued to reduce headcount while ploughing cash into AI infrastructure.
The fate of tech workers contrasts with a relatively resilient wider jobs market. Although hiring has cooled since the post-pandemic boom, the US unemployment rate remains low at 4.2 per cent, according to data from the Bureau of Labor Statistics…