I am genuinely looking for the answer(s) to this question.
Blocks (fka Square) today announced a layoff of 4000 (40%). The rationale was, essentially, "with LLMs we can do as much or more with fewer people."
https://x.com/jack/status/2027129697092731343?s=48&t=mDXa3gUaEz2j4wCIWfdAUA
I predict that this is a herald; I suspect other companies have been thinking it and will be inspired to follow. I just don't know who, so I'm now looking for the wisdom of the markets here. Who will be next?
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Criteria for YES resolution:
Company must be publically listed on a US stock exchange, and that company's trade exchange and trading symbol (in Blocks' case - Nasdaq: XYZ) must be included in the answer. Duplicated (based on age) or incomplete (based on content requirement) answers will resolve N/A. Companies that don't even meet this criteria will also resolve N/A.
At least one comment in the market, made from the comment menu item on the answer, must contain a link to a press release or news article detailing a layoff that has already or will imminently (by end of week) take place.
The release/article must disclose that, according to the board/CEO/decision-making authority, the sole reason for the layoff is due to increased performance of the remaining labor force due to "AI", "LLMs", "intelligence technology", or the like. Layoffs due to indirect effects of technology performance (for instance, a company slashing their accounting team to outsource to an accounting LLM SaaS, or the like, but not their own direct use of AI tools) will NOT qualify.
The disclosed number of jobs being ended must amount to at least 100 people and at least 5% of the pre-layoff workforce. Furloughs, part-time employment, or other incomplete or non-permanent cuts do NOT qualify.
1,000