It was the war with Russia that drove the fed to raise interest rates in 2022 - a measure that was intended to curb inflation triggered by spikes in the prices of economic inputs (gas, oil, fertilizer, etc.).
The tech layoffs started later that year.
Widespread job cuts are an intended effect of raising interest rates - more unemployed = less spending = keeps a lid on inflation.
It was the war with Russia that drove the fed to raise interest rates in 2022 - a measure that was intended to curb inflation triggered by spikes in the prices of economic inputs (gas, oil, fertilizer, etc.).
The tech layoffs started later that year.
Widespread job cuts are an intended effect of raising interest rates - more unemployed = less spending = keeps a lid on inflation.
AI is just cashing in on the trend.