Major technology companies have cut thousands of jobs since the start of 2024 as the rise of artificial intelligence (AI) and interest rates upend the tech sector. While the U.S. job market remains remarkably strong on the whole, tech companies have cut nearly 40,000 jobs in the first two months of 2024, according to Layoffs.fyi. Just last week, Cisco announced plans to lay off about 4,250 employees, while PayPal said last month that it would cut about 2,500 jobs. Microsoft also said it would lay off around 1,900 workers in its gaming unit in late January, shortly after eBay announced that it would cut about 1,000 jobs. “A lot of this is really the shift and spend toward the
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