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☆ Arm CEO says AI growth is being limited by finding enough talent: 'I need more engineers'
▼ + stars: | 2024-10-28 | by ( Jaures Yip | ) www.businessinsider.com time to read: +4 min

Arm CEO Rene Haas said in a recent interview that he needs more engineers to drive AI growth. Companies are aggressively recruiting top AI talent, with some offering lucrative compensation. AdvertisementThe AI train is running at full steam, but Arm CEO Rene Haas believes there's one thing they need to keep it moving — more engineers. The comments from Arm and its CEO highlight how the generative artificial intelligence boom following ChatGPT's launch nearly two years ago has led to a talent war for top AI engineers and researchers. Related storiesA limited pool of researchers and candidates with experience in areas like machine learning and data engineering has allowed AI talent to become more selective when evaluating job offers.

Persons: Rene Haas, —, Haas, Sam Altman, Mark Zuckerberg, Ram Srinivasan, JLL Organizations: Service, Bloomberg, SEC, Competition Locations: British, PwC

☆ Even millennials are getting too old to land a tech job
▼ + stars: | 2024-09-23 | by ( Amanda Hoover | ) www.businessinsider.com time to read: +8 min

Newly released federal data shows the US tech workforce is younger than the workforce at large and getting younger still. Tech workers under 25 are becoming more common, while the proportion of workers older than 40 shrinks. There's an age-old perception that tech workers should be young so they can move fast and break things. One of the top qualifications to land a tech job, it seems, is to possess a birth certificate dated after 1990. Women make up just 22% of tech workers — the same proportion of jobs they held in 2005.

Persons: Z, Mark Zuckerberg, Maureen Clough, antiaging serums, Joanna Lahey, Lahey, ageism, John Zeman, Elon Musk, Zeman, John Rizzo, Rizzo, X, Daniel Jolles, Jolles, they're, Amanda Hoover Organizations: Tech, Commission, Texas, M University, Twitter, IBM, The London School of Economics, Business Locations: Silicon Valley, China

☆ Intel to cut 15% of headcount, reports quarterly guidance miss
▼ + stars: | 2024-08-01 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

The company had a $1.61 billion net loss, or 38 cents per share, compared with net income of $1.48 billion, or 35 cents per share, in the year-ago quarter. For the fiscal third quarter, Intel called for an adjusted net loss of 3 cents per share on $12.5 billion to $13.5 billion in revenue. The LSEG consensus was adjusted net earnings of 31 cents per share and $14.35 billion in revenue. During the fiscal second quarter, Intel announced that Apollo would invest $11 billion in a joint venture around a chip manufacturing plant in Ireland. On an adjusted basis, Intel said it expects around $20 billion in cuts this year, $17.5 billion in 2025 and more in 2026.

Persons: Pat Gelsinger, Bill Baruch Organizations: Intel, Computing, StreetAccount, Intel's Data, Apollo, Gaudi, U.S . Commerce Department, Huawei Locations: Taipei, Ireland, China

☆ How the AI revolution could cost you your job without replacing you
▼ + stars: | 2024-07-26 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

But as tech firms plan to invest billions of dollars in generative AI technologies, there's been another explanation for job cuts. While there's been a mountain of speculation about if and when AI technologies like ChatGPT could displace workers, their near-term impact on job losses could be less about job replacement and more about the cost of AI investments. The risks of AI job replacement remains to be seenIn the big picture, Netzer said he expects AI technologies to be an "enhancer rather than a replacer of jobs" in the years ahead. Advertisement"For many jobs, AI is likely to enhance our job, allowing us to spend more time on the things we enjoy doing and less time on the mundane," he said. AdvertisementBenedikt Frey pointed to translators as one profession that has seen fewer employment opportunities due to generative AI, per his research.

Persons: —, there's, Goldman Sachs, Mark Zuckerberg, Meta, Sundar Pichai, Daniel Rausch, Dan Ives, It's, Carl Benedikt Frey, Netzer, Benedikt Frey Organizations: Service, Apple, Microsoft, Industry, Business, Google, Amazon, Alexa, Fire, Wedbush Securities, Big Tech, FT, Columbia Business School, University of Oxford

Artificial intelligence has been a big boon for San Francisco real estate. The vacancy rate for San Francisco office space reached a fresh record of 34.5% in the second quarter, according to a report Monday from commercial real estate firm Cushman & Wakefield. "San Francisco is certainly the center of AI, but AI is not going to save the San Francisco commercial real estate market," Sammons said. Vacant office space across San Francisco for the quarter totaled 29.6 million square feet, Cushman & Wakefield said. WATCH: Commercial real estate vacancies in San Francisco are at an all-time high

Persons: OpenAI, Robert Sammons, Anthropic, Sammons, That's, Cushman & Wakefield Organizations: San, Tech, Microsoft, Cushman &, San Francisco, Wells Locations: San Francisco, Wakefield, Mission, Cushman & Wakefield, Francisco, Wells Fargo, Cushman

☆ AI is making managers nervous
▼ + stars: | 2024-04-28 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Read previewManagers are worried that using powerful generative AI tools like OpenAI's ChatGPT in the workplace might cut their salaries. Of those surveyed, 48% of managers reported that AI tools are a "threat to their pay" and will "fuel wage declines" across the country in 2024. In early March, Cognition unveiled Devin, the 'first AI software engineer' the startup claims could fix bugs and train AI models. Sixty-two percent of managers surveyed, according to Beautiful.ai, said their employees feel like AI could eventually put them out of their jobs. "There's no doubt that the implementation of AI tools has employees questioning their value to a company," according to the survey.

Persons: —, Devin, Beautiful.ai, didn't Organizations: Service, Business

☆ How working for Big Tech lost 'dream job' status
▼ + stars: | 2024-04-28 | by ( Anuz Thapa | ) www.cnbc.com time to read: +2 min

Despite blockbuster earnings from giants such as Alphabet and Microsoft , layoffs continue to ripple through the tech industry. Layoffs.fyi, a platform monitoring job cuts in the tech sector, recorded more than 263,000 job losses in 2023 alone. Even though mass tech layoffs continue, the labor market still seems strong. Mass layoffs have eroded the shine of the tech industry, which is why workers are questioning whether getting a job in the tech industry should still be regarded as a "dream job." Watch the video to learn about tech workers' sentiments, considerations for aspiring Big Tech employees, and more.

Persons: Jeff Shulman, Dow Jones, Christine Cruzverga, Eric Tolotti Organizations: Microsoft, University of Washington's Foster School of Business, Dow, Big Tech Locations: U.S, Big, Snowflake

☆ Spotify reports record quarterly profit after a year marked by deep layoffs and activist attention
▼ + stars: | 2024-04-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Spotify reported first-quarter earnings on Tuesday, notching record quarterly profit and beating estimates on the top and bottom lines, after a year of deep cost cutting and streamlining. The company expects net new MAUs of 16 million, for a total of 631 million monthly active users. Spotify attributed the slowed growth to "moderated marketing activity" — driven by cost cutting — resulting in "more normalized growth." ValueAct, which manages nearly $12 billion in assets, has a 0.5% Spotify stake valued at $280 million. When the activist investor first disclosed the position in 2023, it owned around 1.2% of Spotify.

Persons: Daniel Ek, Joe Rogan, MAUs, Mason Morfit's ValueAct Organizations: Spotify, LSEG, StreetAccount Spotify Locations: Tokyo, Swedish

☆ 6 people who made up to $500,000 a year secretly working multiple remote jobs share why they don't feel guilty — and why there's nothing wrong with 'overemployment'
▼ + stars: | 2024-04-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

Read previewIf you could double your income by secretly working multiple remote jobs, would you do it? The share of US remote job postings on LinkedIn fell from over 20% in April 2022 to about 10% in December 2023. AdvertisementWilliam, a Texas-based tech worker in his 30s who told Business Insider he earned over $500,000 in 2022 secretly working multiple remote roles, agreed with this line of thinking. Steven said he didn't feel guilty about job juggling because he was still able to complete all the duties and tasks assigned to him. AdvertisementAre you working multiple remote jobs at the same time and willing to provide details about your pay and schedule?

Persons: —, jugglers, shouldn't, they're, There's, Joseph, hadn't, Joseph isn't, Robert, John, he'd, there's, it's, Steven, overemployment, William, Justin, Xer Organizations: Service, Business, LinkedIn, Amazon, Google, Elon Locations: Florida, California, Asia, Texas

☆ Looking for a job after a layoff? Here are 5 tips on how to land your next role
▼ + stars: | 2024-04-05 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +4 min

Here are some tips on how to land your next role after being laid off. "Going through a layoff is a very emotional experience," says LinkedIn career expert Pooja Chhabria. Here are five tips she gives on how to land your next role:Invest in communityBeing laid off is bound to come with new challenges. Chhabria suggests emphasizing your skills when updating your resume and online professional profiles. Preparing your answer by talking about your experience and connecting it back to why it's valuable to the position and tasks at hand, Chhabria suggests.

Persons: Pooja Chhabria, Chhabria Organizations: Getty, Companies, Microsoft, CNBC Locations: Singapore

☆ Ericsson will cut 1,200 jobs in Sweden
▼ + stars: | 2024-03-25 | by ( Alex Koller | ) www.cnbc.com time to read: +1 min

Ericsson recently announced it is planning to cut 8,500 jobs as part of its cost-cutting measures. Ericsson announced on Monday that it will lay off around 1,200 employees in Sweden as the telecom company faces slowed demand for its 5G equipment. Last year, the company laid off 8,500 staffers, or about 8% of its workforce, to cut costs. Ericsson had 99,950 employees, including 10,744 workers in North America, at the end of last year, according to an SEC filing. In 2023, more than 260,000 workers were let go from almost 1,200 tech companies.

Persons: Ericsson Organizations: Ericsson, SEC, Industry, Meta, Microsoft, Cisco Locations: Sweden, North America

☆ Laid-off techies face 'sense of impending doom' with job cuts at highest since dot-com crash
▼ + stars: | 2024-03-15 | by ( Alex Koller | ) www.cnbc.com time to read: +12 min

Last month's job cut count was the highest of any February since 2009, when the financial crisis forced companies into cash preservation mode. CNBC spoke to a dozen people who have been laid off from tech jobs in the past year or so about their experiences navigating the labor market. Additionally, some listings required applicants to have advanced degrees or professional experience in machine learning and artificial intelligence, a new development in Croisant's experience on the job market. "It is a combination of how well you brand yourself, about your access through networking to any given position — to the hidden job market." Still, Powers said she's trying to stay optimistic, "because giving up is not going to get me a job."

Persons: Ed Jones, Allison Croisant, Croisant, Roger Lee, Layoffs.fyi, Lee, I'm, Powers, who's, Tayfun, Christopher Fong, Fong, Michael Kascsak, Kascsak, It's, Lee of Layoffs.fyi, Amit Mittal, Amit Mittal Amit Mittal, Mittal, he's, Bill Vezey, —, Vezey, She's, would've, she's, Jennifer Elias Organizations: Afp, Getty, PayPal, Meta, Microsoft, eBay, Unity Software, SAP, Cisco, Wall, CNBC, Google, Anadolu Agency, Nationwide Locations: New York, Omaha , Nebraska, Comprehensive.io, Natchez , Mississippi, View , California, United States, Austin , Texas, U.S, who's, India, Chicago, Santa Cruz , California

☆ IBM is slashing jobs in marketing and communications
▼ + stars: | 2024-03-12 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

POLAND - 2023/09/11: In this photo illustration, IBM logo seen displayed on a smartphone with Artifical Intelligence (AI) symbols in the background. IBM on Tuesday told employees in its marketing and communications division that it's slashing the size of its staff, according to a person with knowledge of the matter. IBM said on its earnings call in January of last year that it was cutting 3,900 positions. In May, IBM announced WatsonX, billed as a development studio for companies to "train, tune and deploy" machine-learning models. Nearly two years ago, IBM sold its Watson Health unit for an undisclosed amount to private equity firm Francisco Partners.

Persons: Jonathan Adashek, hasn't, didn't, Arvind Krishna, James Kavanaugh, Watson, Krishna Organizations: IBM, Artifical Intelligence, CNBC, Unity, Microsoft, Google, Health, Francisco Partners Locations: POLAND

☆ Tech workers reported feeling increasingly dissatisfied with their salaries. Layoffs may be fueling the frustration.
▼ + stars: | 2024-03-11 | by ( Aaron Mok | ) www.businessinsider.com time to read: +6 min

Researchers at the tech job board surveyed 6,166 of the site's registered users and visitors near the end of 2023 to understand how tech workers feel about their salaries. But despite making almost double the amount the typical American does, tech workers surveyed reported feeling increasingly dissatisfied with their salaries. Tech workers early in their careers reported feeling more dissatisfied with how much they make than those with over 15 years of experience. "Now that companies are right-sizing staff and their salaries, they're also limiting bigger increases on salaries that became standard in previous years." Still, challenging economic conditions don't necessarily mean it's impossible for tech workers now to land a highly coveted, well-paying job.

Persons: —, Dice, they're, J.T, O'Donnell, that's Organizations: Service, Business, US Bureau of Labor Statistics, Tech, Meta, Google Locations: Silicon Valley

☆ Bumble to lay off 350 employees, or about 37% of its workforce
▼ + stars: | 2024-02-27 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Bumble on Tuesday announced plans to lay off about 350 employees, or about 37% of its workforce, as part of a restructuring plan. Bumble had more than 950 full-time employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. The dating app reported $273.6 million in revenue for the quarter, up from the $241.6 million it reported in the same period last year. Bumble posted a net loss of $32 million, or a loss of 19 cents per share, compared to the year-ago quarter, when the company reported a net loss of $159.2 million, or 35 cents per share. Bumble is the latest company in the tech sector to announce cuts in recent months, as investors continue to push for efficiency.

Persons: Bumble, Lidiane Jones, Jones Organizations: Tuesday, U.S . Securities, Exchange Commission, Google, CNBC PRO Locations: New York

The tech sector is having a big 2024. Hotter-than-expected inflation data may also keep the Fed from cutting rates as soon as the market expects, a sign that the economy remains strong enough to support tighter monetary policy for longer. It's a different story for tech workers, though. The number of tech sector layoffs in 2024 has been outpacing the number of terminations in 2023. So far, about 42,324 tech employees were let go in 2024, according to Layoffs.fyi, which tracks layoffs in the tech industry.

Persons: Jeff Shulman, There's, haven't, they've Organizations: Nvidia, University of Washington's Foster School of Business, Companies Locations: U.S

☆ Tailored dog food supplier Tails.com is planning to cut up to 55 roles, leaked documents show
▼ + stars: | 2024-02-20 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Tails.com, a dog-food supplier owned by Nestlé Purina PetCare, is planning to cut up to 55 roles, Business Insider has learned. In January, the company announced internally that it planned to commence a round of layoffs that could affect up to 55 staffers in the UK, per documents seen by BI. Per UK employment law, the company is required to offer a statutory redundancy package to those affected by the layoffs. While the company documents acknowledged that it had hired 22 new roles in the past six months, they also said hiring for any non-critical business roles had been paused since November 2023. Unlike previous rounds of layoffs, these ones are happening while many tech companies are producing good financial results .

Persons: Nestlé Purina, PetCare, Tails.com, ‘ we’re, Nestlé, “ Organizations: Octopus Ventures, Nestlé, Business, BI, Tech, Microsoft, Google Locations: London

☆ Some hear echoes of the Web3 frenzy around generative AI. But its future is likely to play out very differently.
▼ + stars: | 2024-02-19 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +7 min

Mariam Pettit, partner at Global Founders Capital, said the rush toward AI was in part driven by investor FOMO. While investors and industry insiders don't anticipate the same fate for generative AI startups, many see the parallels between the two industries. Indeed, VCs are paying premiums and pre-empting rounds into hot AI startups in a bid to get a place on the cap table. AI founders are aware that they need to differentiate themselves in order to survive, at the very least. "And with vertical AI startups, it's much clearer that all the data we have is approved by the creator of that data."

Persons: Marc Andreessen, ChatGPT, Mariam Pettit, FOMO, Rainer Haeckl Web3, Sam Bankman Fried, Ash Arora, LocalGlobe, Arora, Sam Altman, Andreessen Horowitz, Ayman Fadil, Fadil, Pettit, Devang Agarwal Organizations: Business, Alpha, Global Founders Capital, Investors, Tech, Talis Locations: German, London, Web3, LocalGlobe, Jasper

☆ Big Tech workers come to grips with 'ZIRP,' as job anxiety grips a once cushy industry
▼ + stars: | 2024-02-16 | by ( Kali Hays | ) www.businessinsider.com time to read: +10 min

“Honestly, sometimes lately, I’ve thought my entire career is a ZIRP,” a tech worker recently reflected. More tech workers get laid offOver the last 18 months, tech workers say it's felt difficult to stay employed as round after round of layoffs have swept Big Tech and the broader industry. The tech job market got tougherTo add insult to injury, keeping a job in tech isn’t the only thing that’s more difficult. Aline Lerner, a former tech engineer and founder of interviewing.io, a site for tech recruiting and mock interviewing for tech job seekers, said it's now much more difficult to land a tech job, particularly at a high-profile or Big Tech company. “Anecdotally, I’d say it’s the hardest it’s been to get a tech job since probably the dot-com bust," Lerner said.

Persons: I’ve, gainfully, Hacker, it's, Layoffs.fyi, Elon Musk, nix, Meta, Elon Musk's, Winni, you’re, they're, Aline Lerner, ” Lerner, “, Lerner, it’s, ” Organizations: Federal Reserve, Business, Big Tech, Tech, Google, Microsoft, ” Tech, Twitter, Menlo, Elon, The Washington Post, Getty Images Tech, “, Department of Education Locations: Big, LeetCode

☆ The cushy Big Tech job is dead
▼ + stars: | 2024-02-16 | by ( Kali Hays | ) www.businessinsider.com time to read: +10 min

Hopping from one mid-six-figure salary job in Big Tech to the next? More tech workers get laid offOver the last 18 months, tech workers say it's felt difficult to stay employed as round after round of layoffs have swept Big Tech and the broader industry. The tech job market got tougherTo add insult to injury, keeping a job in tech isn’t the only thing that’s more difficult. Aline Lerner, a former tech engineer and founder of interviewing.io, a site for tech recruiting and mock interviewing for tech job seekers, said it's now much more difficult to land a tech job, particularly at a high-profile or Big Tech company. “Anecdotally, I’d say it’s the hardest it’s been to get a tech job since probably the dot-com bust," Lerner said.

☆ Cisco to lay off thousands of employees
▼ + stars: | 2024-02-14 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —Technology company Cisco announced Wednesday that it plans to lay off 5% of its global workforce, amounting to thousands of employees, as part of a company-wide restructuring. Cisco joins a long list of tech companies that have announced workforce cuts in recent months. Last year, the company announced it would acquire machine learning and cybersecurity company Splunk in a deal valued at $28 billion. “The combination of these two innovative leaders makes them well positioned to lead in security and observability in the age of AI,” Cisco said in a September press release announcing the deal. All told, more than 34,000 tech employees have been laid off since the start of 2024, according to data compiled by Layoffs.fyi.

Persons: “, Chuck Robbins, ” Cisco, Layoffs.fyi Organizations: CNN — Technology, Cisco, Google, PayPal

☆ Cisco says it's cutting 5% of global workforce, amounting to over 4,000 jobs
▼ + stars: | 2024-02-14 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Cisco announced plans to cut 5% of its workforce on Wednesday, a decision that will result in the elimination of about 4,250 jobs. Net income declined to $2.63 billion, or 65 cents per share, from $2.77 billion, or 67 cents per share, in the year-ago quarter. With respect to guidance, Cisco called for 84 to 86 cents per share on $12.1 billion to $12.3 billion. For the full year, Cisco sees $3.68 to $3.74 in adjusted earnings per share and $51.5 billion to $52.5 billion in revenue. Cisco said it was increasing its dividend by a penny to 40 cents per share.

Persons: Chuck Robbins, LSEG, Robbins, it's, — CNBC's Ari Levy Organizations: Cisco, Microsoft, SAP, eBay, StreetAccount

☆ How can you prevent being laid off? You can’t. Here’s why
▼ + stars: | 2024-02-06 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

No matter how great your performance reviews, how popular or prominent you are, how innovative or loyal you’ve been, you, too, can be laid off. They just weren’t yoursA mass layoff is often a failure of management. Plus, in deciding who to cut and who to keep, leaders have to consider what the business will need after a mass layoff in terms of skills and other capacities. Companies try to keep the number of people in the know about a pending mass layoff as small as possible for as long as possible, Williams noted.) If you survive the purge, there are steps you can take right away to protect yourself financially from a future layoff.

Persons: New York CNN —, you’ve, …, ”, Andrew Challenger, Chris Williams, ” Williams, Williams, you’re Organizations: New, New York CNN, Los Angeles Times, Wall Street Journal, Washington Post, Wayfair, Microsoft, Companies, “, ” Challenger Locations: New York

☆ Snap to lay off 10% of staff, cutting approximately 500 jobs
▼ + stars: | 2024-02-05 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +1 min

Snap disclosed the latest layoffs in a regulatory filing on Monday, saying the cuts will impact approximately 10% of its global full time employees. Mass layoffs have roiled the tech sector since 2022, and the job cuts emanating from Silicon Valley have continued to trickle in this year. The latest job cuts at Snap come after the company said in August 2022 that it was cutting some 20% of its global employees, equating to roughly 1,200 jobs at the time. The company also cut approximately 3% of its staff last year, after it announced it was shuttering its AR Enterprise business, per a regulatory filing. Shares for Snap dipped approximately 1.5% early Monday.

Persons: Layoffs.fyi Organizations: CNN, Inc, Enterprise Locations: Silicon

☆ Tech's longtime highfliers are growing up by getting smaller
▼ + stars: | 2024-02-02 | by ( Ari Levy | ) www.cnbc.com time to read: +7 min

They're still out hunting for the best technical talent, particularly in areas like artificial intelligence, but headcount growth is measured. Last year, tech companies were responding to dramatically changing market conditions — soaring inflation, rising interest rates, rotation out of risk — after an extended bull market. Meta slashed over 20,000 jobs in 2023, Amazon laid off more than 27,000 people, And Alphabet cut over 12,000 positions. Other than Nvidia , which had a banner 2023 due to soaring demand for its AI chips, none of the other mega-cap tech companies have been growing at their historic averages. By late this year, analysts are projecting growth at Meta will be back down to the low teens at best.

Persons: Tayfun, There's, Daniel Flax, Neuberger Berman, CNBC's, Morgan Stanley, Brian Nowak, Brian Olsavsky, They're, Mark Zuckerberg, Zuckerberg, Olsavsky, Phil Spencer, Justin Sullivan, Okta, Zuora, Evan Sohn, Recruiter.com, " Sohn, Susan Li, Ben Barringer, Cheviot, Barringer, —, Annie Palmer Organizations: Anadolu Agency, Getty Images Technology, Amazon, Meta, hasn't, Microsoft, Activision Blizzard, SAN FRANCISCO, Activision, FTC, Getty, Federal, Labor Department's Bureau of Labor Statistics, Tech, Nvidia, Finance, CNBC Locations: Menlo Park , California, Silicon Valley, CALIFORNIA, San Francisco , California

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