Layoffs And Expansion -- January 21, 2023

The big news this past week were the layoffs in the tech industry.

The "work-from-home" movement during the pandemic drove a hiring spree and government grants and "free money" made it possible for tech giants to go on a hiring spree.

Now, things have changed, and the tech companies appear to need to cut staff by 5% to 20%. 

Many of the cuts will affect high-income tech folks (Intel) but to a greater extent, it will affect the minimum-way package movers (Amazon). Riding-sharing (Uber)? Time will tell. 

There will be personnel cuts but that doesn't mean other activity won't go on.