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Tech Up But Layoffs Still Rising
Liam Gill
February 27, 2024
News of the Day
The tech sector is witnessing a robust start to 2024, with Nvidia exceeding earnings expectations and the ongoing artificial intelligence boom driving the Nasdaq index up by over 8% year to date. Despite this tech workers are experiencing a contrasting trend, with layoffs accelerating in 2024 compared to 2023. About 42,324 tech employees have been laid off so far in 2024, averaging more than 780 layoffs daily, surpassing the 2023 average of approximately 720 daily layoffs. The surge in layoffs is attributed to various factors, including the need to allocate resources toward AI technology investments and the stock market's positive response to companies that implement layoffs, as they often see an increase in their stock prices. Many of those being laid off had significant seniority at their companies, including high benefits and high salaries. Those are no longer being matched by the new positions that they are applying to.
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