Big Tech refers to Alphabet(Google), Amazon, Apple, Meta, and Microsoft. Resolved YES if layoff event confirmed in the news with over 1000+ affected. This is also a 1000+ employees at once at one company : multiple layoffs happening with more than a month in between don't count as "at once" and simultaneous layoffs at multiple companies don't add up together.
1,000🏅 Top traders
| # | Name | Total profit |
|---|---|---|
| 1 | Ṁ200 | |
| 2 | Ṁ125 | |
| 3 | Ṁ93 | |
| 4 | Ṁ91 | |
| 5 | Ṁ55 |
People are also trading
@ashen resolves YES
Microsoft Cuts 1,900 Jobs in Its Video Game Division https://www.nytimes.com/2024/01/25/business/microsoft-layoffs-video-games.html?smid=nytcore-android-share
Google did not report their global layoff count but published a doc confirming 700+ for California: https://www.documentcloud.org/documents/24358224-google-layoffs-01_11_24
Seems like the “one thousand” number floating around comes from the Alphabet worker union (https://www.livemint.com/technology/tech-news/google-layoffs-2024-ceo-sundar-pichai-warns-of-more-job-cuts-this-year-tech-layoffs-11705561703851.html). I wanted to wait for an official announcement by Google, but it seems like there was an internal announcement yesterday by CEO Sundar and doesn’t like any numbers were mentioned (https://www.theverge.com/2024/1/17/24042417/google-layoffs-2024-internal-employee-memo-sundar-pichai). If there are no updates by the end of the week most likely will resolve YES.
https://www.cnn.com/2023/10/12/tech/qualcomm-layoffs/index.html
@jgyou More info in the description, but by Big Tech here I meant only the Big Five tech companies: Google, Meta, Amazon, Apple, and Microsoft (https://en.m.wikipedia.org/wiki/Big_Tech), so Qualcomm here isn’t included. I’ll update the title to reflect that better.
@ashen yes, I saw that after betting it to 95.. sold back to 80 as it still updates upward IMO
Believing that CNBC is a reliable data source; according to the article by CNBC Financial Advisor Summit, job layoffs in the technology sector are already piling up, as companies begin adapting to changes in the market.
It is also mentioned in the article that "Earlier this month, Meta announced plans to lay off 10,000 workers, adding to the 11,000 cuts it made in November. Google has also made significant cuts to its workforce, as the company announced plans to lay off 12,000 people in January. That same month, Microsoft said it was letting go of 10,000 employees."
Microsoft, Amazon, and Twitter alone have plans to lay off thousands of workers as we enter 2O24.
@KomalGhazanfar Believing that CNBC is a reliable data source; On average the rate of company lay-offs for the technology sector has been rising. Assessing how AI and other variables impact the rate of workforce reductions in the technology sector; If we consider advancement in Generative AI/overall use of AI in the tech sector increase jobs as an independent variable alongside other variables such as Economic conditions, industry trends, outsourcing, competition and customer demand, we can see a significant impact in labor dynamics and intuitively draw a negative correlation and regression line to represent the relationship.
Microsoft, Amazon, and Twitter alone have plans to lay off thousands of workers as we enter 2O24.