ZIRP alone isn’t even the full financial story - there was a time bomb tax change from a 2017 bill that impacted R&D (most software work) and that took effect in 2023.
But it’s fairly visible that big companies (eg Meta) that are spending a lot on AI are actually changing spending on headcount and hiring to maintain margins. It’s not the efficiency of the workers, it’s the maintenance of margins with big new spending.
But it’s fairly visible that big companies (eg Meta) that are spending a lot on AI are actually changing spending on headcount and hiring to maintain margins. It’s not the efficiency of the workers, it’s the maintenance of margins with big new spending.