Queen of Bull Market Trump supporting Wall Street CEO claims tech firms laying ... trends now
Hundreds of thousands of tech jobs have been cut in the last few months, yet one Trump-supporting CEO believes there's little to be alarmed about.
Cathie Wood, CEO of ARK Invest, who became a well-known stock picker during the pandemic, believes that the layoffs are not a sign of a struggled within the industry but more a case of new technologies including AI being used to streamline companies.
More than 77,000 workers in U.S.-based tech companies including Amazon, Apple, Dell, IBM, and Zoom, have been laid off in mass job cuts so far in 2023 and the year is just getting started.
That number includes Dell's 6,650-person cut and Zoom's 1,300-person layoff announcements last week.
Among these firms, Google, Microsoft, Meta, and Amazon have experienced the most layoffs, with at least 10,000 job cuts this year to date.
Cathie Wood, CEO of ARK Invest says the layoffs in the tech sector should not be seen as a sign of trouble for the industry but companies optimizing their workforce
Last year, more than 140,000 jobs were slashed from public and private tech companies as they were forced to confront rising inflation and a tumultuous stock market.
But Wood believes tech companies are now using these layoffs as a means to increase productivity and efficiency through the integration of new AI tools and technologies.
'We don't think this is the technology sector in some kind of disarray or sunsetting in some way or the opposite. We think they're harnessing new AI tools and other technologies to increase productivity and provide new products and services,' Wood said to Fox Business.
Wood explained that so many tech firms overhired during the pandemic and now need to make adjustments in their personnel through layoffs with companies
