The tech sector shed more than 386,000 jobs in 2022 and the first half of 2023, with numbers continuing to rise.
Major tech giants like Google, Amazon, and Meta implemented sweeping layoffs and job cuts.
Despite layoffs, the generative AI market has seen over $12 billion in deals in the first quarter of 2023, with investments from companies like Amazon, Alphabet, and Microsoft.
The U.S. tech industry contributes 10% to the nation's GDP, employing around 12 million people in over half a million companies.
Job postings for software development positions have decreased by nearly 60% year over year, but AI presents new opportunities.
Severance packages have provided some relief for laid-off tech workers, with Google offering 16 weeks of pay and Salesforce providing nearly five months.
Generative AI is expected to significantly boost the global economy and create more tech employment opportunities.
Tech workers are finding jobs in other industries, earning higher-than-average salaries despite fierce competition and a restless job market.
The tech sector experienced significant layoffs in 2022 and the first half of 2023, with major companies like Google, Amazon, and Meta reducing their workforces.