Tech Executive: AI Allowing Job Cuts While Companies Post Record Profits
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AI is allowing tech companies to trim costs and grow revenue by automating tasks previously done by humans. Prof. Scott Galloway likens this to the weight loss drug Ozempic.
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Major tech companies like Meta, Apple, Salesforce, and Alphabet have conducted layoffs while posting record revenues over the past year.
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Galloway believes executives are being "coy" and not admitting publicly that AI is allowing them to eliminate roles. Some tech CEOs have claimed AI will boost hiring.
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Galloway predicts AI will augment human work rather than fully replace jobs. But it will reduce companies' "craving" to keep hiring more people.
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Over time, Galloway expects executives to openly discuss replacing human roles with AI as the technology becomes more pervasive. He likens this to the "open secret" of people using Ozempic.