In the first few weeks of the new year, over a hundred tech companies have laid off thousands of employees. Meta, Google, Salesforce, and various other notable tech companies have cut jobs in the new year, and layoffs have totaled over 25,000. These layoffs can largely be attributed to the rise of stock prices that accompany layoffs, and major companies view layoffs as profitable. Smaller startups have also been laying off workers, but due to different issues, including problems with fundraising and increasing budget costs. Companies are also reallocating resources to focus on the development of generative AI.
See "Thousands of tech workers affected by layoffs in recent weeks", Bobby Allyn, NPR, January 29, 2024