>>106220290
AI isn't "increasing productivity."
Lines of code != productivity.
Programmers are professionals and their output is not tangible like the number of dildos a factory can produce.
Yes, middle management is retarded and amazed by AI and how fast Pajeet can produce spaghetti.
Firms overhired during COVID, and now they are cutting back.
High interest rates ensure VC can't fund competition to "disrupt" Big Tech, which was another major driver for the overhiring.

Pic related is basically what was going on, except in tech as opposed to marketing.
When there's contraction in the economy (due to high interest rates) management tries to get rid of the bad half of spending, and they will keep going until something blows up.