Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://www.bloomberg.com/news/articles/2026-02-26/jack-dorsey-s-block-slashes-nearly-half-of-workforce-in-ai-bet

Get the lube ready. This is going to ripple thru the entire economy as ceos and boards understand the market will reward massive labor replacement

IBM just announced it was tripling entry-level hires. So.

Keyword "announced" lol.

Why do you think that's funny? Explain it to me like I am five.

Anonymous wrote:

Anonymous wrote:Here's a surprising fact: companies exist to make money for their owners, not to provide as much employment as possible for as many people as possible.

Either be essential to a company's functioning and success, or start your own company, or work for a government which is not focused on efficiency. Expecting employment to be a sinecure is just foolish.

But they get tax breaks because they are “job creators” who “contribute to the community”.

That's up to the legislators you elected, and imposes no concomitant obligation to employ any particular number of people in order to operate effectively and efficiently. Companies do pay taxes, and as they grow so too do their tax payments, the arcana of the tax code notwithstanding.

https://www.bbc.com/news/articles/c9xx8122893o

"AI washing" is real thing, and if companies claim their product uses AI, it'd better be actual AI and not just a chatbot service, or the SEC will come after you.

Per the article, it's hard to determine how much AI is really impacting the layoffs, and how much companies are actually using AI. Every tech company wants to be on the leading edge, so they will over inflate their actual use of AI internally.

Anonymous wrote:Here's a surprising fact: companies exist to make money for their owners, not to provide as much employment as possible for as many people as possible.

Either be essential to a company's functioning and success, or start your own company, or work for a government which is not focused on efficiency. Expecting employment to be a sinecure is just foolish.

But they get tax breaks because they are “job creators” who “contribute to the community”.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://www.bloomberg.com/news/articles/2026-02-26/jack-dorsey-s-block-slashes-nearly-half-of-workforce-in-ai-bet

Get the lube ready. This is going to ripple thru the entire economy as ceos and boards understand the market will reward massive labor replacement

IBM just announced it was tripling entry-level hires. So.

Keyword "announced" lol.

so, when companies "announce" that AI is taking over jobs, and ONE company announced that due to AI (which may or may not be true), it is laying off a large number of employees, that's "the sky is falling", but if a company announces that it is going to triple entry level hires, then it's "lol"?

Look up "AI washing".

Anonymous wrote:

Anonymous wrote:Announcing mass layoffs always causes a company's price to go up. The question, of course, is whether the company will continue to grow once all those people are gone. When a company's revenue stagnates, it becomes dead to Wall Street, and no one cares about its stock anymore.

Pointing to AI as a reason to lay off staffers is a great way to cover up the fact that a company is failing and no one wants its crappy products and services. Revenue down? Yes, you need to layoff thousands to stay afloat, but that’s really bad PR and make the C-suite look incompetent. So just say it’s because AI is so super awesome that we don’t need all these expensive humans. 🤣

What is Block’s core product? POS terminals? Everyone has moved flashy ipad style terminals. No one needs the Square dongle as they all have NFC. They renamed themselves Block for Bitcoin stuff, that’s probably in the toilet (very Facebook becomes Meta vibes).

Anonymous wrote:Announcing mass layoffs always causes a company's price to go up. The question, of course, is whether the company will continue to grow once all those people are gone. When a company's revenue stagnates, it becomes dead to Wall Street, and no one cares about its stock anymore.

Pointing to AI as a reason to lay off staffers is a great way to cover up the fact that a company is failing and no one wants its crappy products and services. Revenue down? Yes, you need to layoff thousands to stay afloat, but that’s really bad PR and make the C-suite look incompetent. So just say it’s because AI is so super awesome that we don’t need all these expensive humans. 🤣

Announcing mass layoffs always causes a company's price to go up. The question, of course, is whether the company will continue to grow once all those people are gone. When a company's revenue stagnates, it becomes dead to Wall Street, and no one cares about its stock anymore.

Anonymous wrote:

Anonymous wrote:https://www.bloomberg.com/news/articles/2026-02-26/jack-dorsey-s-block-slashes-nearly-half-of-workforce-in-ai-bet

Get the lube ready. This is going to ripple thru the entire economy as ceos and boards understand the market will reward massive labor replacement

IBM just announced it was tripling entry-level hires. So.

Keyword "announced" lol.

Anonymous wrote:Here's a surprising fact: companies exist to make money for their owners, not to provide as much employment as possible for as many people as possible.

Either be essential to a company's functioning and success, or start your own company, or work for a government which is not focused on efficiency. Expecting employment to be a sinecure is just foolish.

Here’s a fact. Companies exist because our government created laws that allow them to exist. They are legal fictions. They can exist for WHATEVER reason we as a society decide, and that reason is not just to make money for shareholders.

Here's a surprising fact: companies exist to make money for their owners, not to provide as much employment as possible for as many people as possible.

Either be essential to a company's functioning and success, or start your own company, or work for a government which is not focused on efficiency. Expecting employment to be a sinecure is just foolish.

The stock market has always been entirely detached from human suffering, OP. You didn't know this? CEOs know this well. Nothing has changed.

Anonymous wrote:https://www.bloomberg.com/news/articles/2026-02-26/jack-dorsey-s-block-slashes-nearly-half-of-workforce-in-ai-bet

Get the lube ready. This is going to ripple thru the entire economy as ceos and boards understand the market will reward massive labor replacement

IBM just announced it was tripling entry-level hires. So.

https://www.bloomberg.com/news/articles/2026-02-26/jack-dorsey-s-block-slashes-nearly-half-of-workforce-in-ai-bet

Get the lube ready. This is going to ripple thru the entire economy as ceos and boards understand the market will reward massive labor replacement