For sure the advertising emphasis of a lot of big tech is depressing. But it’s easy to lose sight of all the things we have that are the product of big tech, and all the things on the horizon of our exciting dystopian ML-driven future! (Maybe we want these people doing less R+D…)
Also remember a huge proportion of that R+D is on projects that just die and never, or barely see the light of day.
It really isn’t though. As eye-catching as big tech layoff headlines are, unemployment remains super low. Even in IT, those people getting let go are finding other gigs really fast. I think the fed might have stopped wage growth in IT but haven’t really reversed the tight labor market. Plus there’s scale to consider. A FAANG company laying off 10k here or there is really only a tiny drop in the bucket of the overall US labor market.
Yeah, that’s not going to happen. Expect at least .5 higher at the next Fed meeting. They might do .75 to shock the job market into giving up and laying off those 3 million people they want out of work.