I basically agree.
On the one hand, I do think AI is going to be very transformative, and I do think it will happen pretty soon. But it’s not clear that today is the day.
But there is a lot of evidence that companies want to prune their workforce. Sometimes it’s because they are planning to hire H1-Bs. Sometimes they just want fewer workers. And they need to come up with an excuse and they want the stock market to see the company as “cutting edge” and “ready for the future”. So they announce layoffs because of the benefits of AI. It’s not true, but it’s a good story.
It’s interesting. Some economists have a theory that AI will be so productive that prices will fall and deflation could occur-leading to layoffs. Quite the dichotomy.
Wonder what Central Va thinks.