Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report.
Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report.
Sucks to be in tech right now. I’m sure there are still pockets of good employers with happy, confident worker bees, but those are few and far between as best I can tell.
Pretty much everybody I know and speak with regularly who is working in the tech industry or a tech role in general is feeling the strain.
Layoffs. Remaining employees have to pick up the additional workload of people who were laid off. Threats of future layoffs. Hiring freezes. Bonuses slashed or cut entirely. Little or no raises, not even cost of living increases. Demotions, in some cases. Expected to use LLMs to do things that LLMs have no business doing because management is clueless on the topic and expects everybody who is “good with computer” to be an AI expert. And the list goes on.
And then as already mentioned elsewhere, there are almost no true entry-level positions opening up, so new grads are really struggling to get established in the industry. It’s particularly sad because this is so short-sighted and the negative impacts have the potential to be quite severe.
Easy win for companies that didn’t buy into the hype. I’m the only dedicated software dev at my company, so there was no middle manager to foolishly think a chat bot could do my job. We are a small company that can compete with big players, and those big players appear to be floundering. Now, we are expanding.
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This is worse than 2008 and I remember back then I was let go and the other guy was not and we sorta debated which would be worse off. This is way worse though. I would say at least twice as bad at this point. Funny thing was no one realized the trouble we were in in 2008 it was really like 2010 by the time it was really felt. On hindsite they are going to be talking about the collapse in 2025.
I’m not an economist, so I don’t know shit about fuck (though most economists don’t either tbf), but some people are comparing this to the railway bubble. Shit’s (potentially) so bad that they don’t even have a comparison from within our lifetimes to point to.