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The tech sector is pouring billions of dollars into AI. But it keeps laying off humans
The tech sector has kicked off the new year with a spate of fresh job cuts that are coming at the same time as the industry is doubling down on investments into artificial intelligence.
The continued labor upheaval unfolding in the very industry creating AI could point to more unrest to come as the technology is forecast to reshape the broader business landscape in the years ahead. But as pandemic restrictions eased in the years that followed and broader macroeconomic uncertainty set in, the tech industry saw its greatest retraction since the dotcom bust of 2000, cutting tens of thousands of jobs in rapid succession. Goldman Sachs economists said in a research note last March that as many as 300 million full-time jobs around the world could be lost or diminished by the rise of generative AI technology and that white-collar workers appeared to be most at risk.
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