Aug 19, 2024
Tech Company Lays Off 5,500 Workers to Invest More in AI, Despite Making $10.3 Billion in Profit
Posted by Mike Diverde in category: robotics/AI
In short, companies are no longer hiding their optimism over replacing human labor with AI, an unfortunate reality for those looking to maintain a stable job.
Despite tech conglomerate Cisco posting $10.3 billion in profits last year, it’s still laying off 5,500 workers as part of an effort to invest more in AI, SFGATE reports.
It joins a litany of other companies like Microsoft and Intuit, the maker of TurboTax, that have used AI as justification for the mass culling of its workforce.