Tech companies are slashing thousands of jobs as they pivot toward AI::Technology companies are axing jobs as they pile deeper into artificial intelligence, with one expert calling it a “sobering signal.”
Tech companies are slashing thousands of jobs as they pivot toward AI::Technology companies are axing jobs as they pile deeper into artificial intelligence, with one expert calling it a “sobering signal.”
This is the best summary I could come up with:
SAP is the latest big tech player to cut jobs as it pours money into AI, with the German software giant announcing this week that it is investing more than $2 billion to integrate artificial intelligence into its business as part of what it called “transformation program.”
And language learning platform Duolingo acknowledged a 10% reduction in its contractor workforce at the end of 2023, but denied that all of the cuts were related to increased AI usage.
Columbia University business professor Oded Netzer cautioned against linking rising corporate investment in AI to worker layoffs.
In Netzer’s view, companies are simply doing what they typically do — hiring more workers that specialize in fast-growing parts of the business, while laying off those whose skills may be less useful or contribute less to revenue growth.
Cory Stahle, an economist at the Indeed Hiring Lab, told CBS MoneyWatch that AI tools are not yet sophisticated enough to replace workers entirely.
“They are rebalancing after the huge hiring burst we saw couple years back during the pandemic when people were at home, consuming more tech products than they normally would have,” Stahle said.
The original article contains 950 words, the summary contains 188 words. Saved 80%. I’m a bot and I’m open source!