Tech Industry Faces Major Layoffs as Companies Shift Focus to AI Investment

Over 34,000 tech jobs have been cut in early 2024, with major firms like Microsoft, Alphabet, and PayPal prioritizing generative AI development.

Tech layoffs have surged since the start of 2024, with over 34,000 workers affected as companies pivot towards AI investments.
Despite a lower number of layoffs compared to 2023, the tech industry's job cuts have become a concerning trend for employees.
Major tech firms, including Microsoft, Alphabet, and PayPal, have slashed thousands of positions to allocate resources for generative AI.
The shift towards AI and cost discipline has led to layoffs across various sectors, including gaming and video streaming platforms like Twitch.
Analysts warn that the trend of layoffs could continue as companies reassess their workforce and investment priorities.