AI productivity prompting layoffs.
intercst
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A different story from Meta:
The Wall Street Journal reports Meta Begins Laying Off Thousands of Employees as It Transforms Around AI
Meta first claims:
Meta Platforms began laying off thousands of employees Wednesday morning and reassigning thousands of others to AI-focused roles, according to an internal memo and people familiar with the matter.
But then:
Executives have said the job cuts are meant to offset Meta’s increasing spending on AI infrastructure. The company plans up to $145 billion in capital expenditures this year, largely to build out AI data centers and fill them with chips, as it seeks to create so-called personal superintelligence for its 3.5 billion daily users.
In any case, 8,000 employee are out the door. And 6,000 future hires cancelled.
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AI is the excuse. Market can see through it… that’s why the stock is down bigly..
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