Tech Industry Faces 32,000 Job Cuts in Early 2024 Amidst AI Shift

As companies adjust to over-hiring and economic challenges, a focus on AI talent emerges alongside widespread layoffs.

The tech industry has seen a significant wave of layoffs in early 2024, with 32,000 tech workers losing their jobs so far.
Snap Inc. announced a 10% workforce reduction, while software company Okta Inc. will cut 7% of its staff, among other big tech companies like Amazon, Salesforce, and Meta Platforms.
The layoffs are part of an adjustment to over-hiring during the pandemic and are influenced by the prolonged high interest-rate environment and tech downturn.
Despite the layoffs, there's a notable increase in job postings requiring AI skills, with a significant month-over-month increase in active job postings.
Industry experts expect the market to remain uncertain for the next two quarters, until potential interest rate cuts by the Fed.