US tech groups cut 140,000 jobs despite AI spending boom

US technology companies have cut more than 140,000 jobs in 2024 despite a surge in spending on artificial intelligence, according to data from the Financial Times. The layoffs, concentrated in sectors such as e-commerce, social media, and gaming, come as firms redirect resources toward AI development, reshaping Silicon Valley while the broader US labor market remains stable.

US tech groups cut 140,000 jobs despite AI spending boom Source: Financial Times Technology https://www.ft.com/technology Investment spree is reshaping Silicon Valley while wider US jobs market holds steady Get AI news in your inbox Daily digest of what matters in AI. Get AI news in your inbox Daily digest of what matters in AI.