It may seem counterintuitive for Wall Street to reward companies for letting people go. After all, layoffs are usually thought to be a sign that the business isn’t doing so hot. And while a lot of the layoff talk is concentrated in tech, investors were also quite pleased about job cuts at Estée Lauder . Many companies took an aggressive approach to hiring during the pandemic, particularly tech companies whose engagement boomed while everyone was stuck at home. The tech companies developing AI products are the best positioned to try them out.

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Persons: Estée Lauder, ”, Scott Kessler, Goldman Sachs, Sameer Samana, moonshot, Ted Mortonson, Baird, Kessler, ” Mortonson, hasn’t, Emily Stewart Organizations: Bloomberg, Third, Companies, Wells, Investment Institute, Business Locations: Samana