That correction ended two years ago. This is larger and longer.
There’s interest rates, section 174, AI, and heaven knows what else.
Comment on Microsoft laying off about 6,000 people, or 3% of its workforce
FreedomAdvocate@lemmy.net.au 2 months agoYeah but mainly because of how insanely good it was for the 3 years before that. Covid pumped insane amounts of money into tech, which in turn lead to hiring WAY more people than were actually needed. This is just the correction of that, getting back to sustainable levels.
morrowind@lemmy.ml 2 months ago
Wooki@lemmy.world 2 months ago
No, this is a correction after the CEO made very poor investments into an LLM company run by a crypto grifter
FreedomAdvocate@lemmy.net.au 2 months ago
Are you sure about that?
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jenesaisquoi@feddit.org 2 months ago
The stock reflects peoples beliefs, not facts
FreedomAdvocate@lemmy.net.au 2 months ago
And if people’s beliefs are that their AI deals are good, prices will go up. That’s ROI baby!
Wooki@lemmy.world 2 months ago
Absolutely, Natella (intentional) has commented about the valueless hype for one. The stock value has little to do with short term returns, I would expect a correction in 12-24months as openai cash starts running dry and it begins reflecting in their stock value first and foremost.
FreedomAdvocate@lemmy.net.au 2 months ago
AI isn’t just hype though, especially not in ways that Microsoft as a huge service provider can use and provide it.