The tech market is fundamentally fucked up and AI is just a scapegoat
9 days ago
- #financial-toxicity
- #tech-layoffs
- #job-market
- The tech job market is fundamentally broken, with AI being used as a scapegoat for deeper issues.
- Post-2008 financial crisis, tech companies prioritized exponential growth over sustainability due to cheap money and low interest rates.
- Tech companies over-hire engineers as speculative assets, leading to layoffs when market conditions change.
- Layoffs are now seen as a sign of 'discipline' rather than failure, boosting stock prices.
- Big Tech operates on a two-tier system: 'The Core' (revenue-generating) and 'The Bets' (experimental, disposable teams).
- Engineers face grueling interviews only to be placed in non-essential roles, treated as expendable.
- Europe's tech job market is eroding, with US-style volatility but without matching pay or benefits.
- Companies use layoffs as a signal to Wall Street, prioritizing efficiency over human capital.
- The current job market struggles stem from 14 years of financial toxicity, not AI advancements.