Tech companies shed more than 386,000 jobs last year and in the first half of this year, according to Layoffs.fyi. That number is climbing.
But while layoffs have taxed workers, a booming artificial intelligence market is giving the industry a renewed sense of optimism.
"I have been in San Francisco for almost 12 years now and I have never felt this kind of energy," said Flo Crivello, CEO of AI startup Lindy. "And I was here for the mobile boom."
Crivello said it's quite clear what's driving the enthusiasm.
"Every cafe, every restaurant, every conversation that you overhear in the street, half of the time, it's ChatGPT, it's AI, it's the latest company that is being funded," he said.
Generative AI startup deals announced or finalized In the first quarter of this year totaled more than $12 billion, compared to about $4.5 billion invested in the space all of last year, according to PitchBook.
Amazon, Alphabet and Microsoft have also made significant AI investments.
Money Report
So how have layoffs impacted tech workers and what will the AI boom mean for their future? Watch the video to learn more.
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