AI is Hollowing Out Tech Sector Jobs: Oracle and Microsoft Help Push Layoff Rate to 20-Year High
Quick Read Tech's layoff rate hit 2.3% in June, surpassing peaks from the 2008 financial crisis and 2001 recession, as 63,000 workers were cut. Oracle cut 21,000 jobs, representing 13% of its workforce, explicitly citing AI deployment, while Cisco and Intuit redirected labor savings …
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