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this post was submitted on 14 Jan 2024
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This headline is gaining traction because it fits the pattern of what people expected to see. It’s confirmation bias.
Speaking from first hand experience, a lot of companies are coming down from their pandemic high. People spent a fuck load of money on technology products and services over the pandemic, and in 2023 they went back to spending money on traveling, concerts, brick and mortar shopping, and other in-person things.
I work for a company that has both online and brick and mortar products, and I can see it in my data. Customer behavior changed back to normal, which made tech businesses less profitable. And that made tech companies freak out and cut “expenses” to get back to growth.
AI is disruptive AF, but it’s not replacing engineers, designers, and PMs yet. And those are the jobs that are being cut. Companies are scaling back and doing less.