AMZN & GOOGL Hit New 52-Week Highs After Layoffs

Layoffs are likely a trend we will see continue through the year, notes Dryden Pence. He and Will Rhind analyze recent big tech staff reductions. Pence mentions that tech companies are largely rightsizing the business. Rhind highlights that layoffs are largely due to post-Covid market shifts and the end of low-interest rates, and this signifies a shift towards efficiency and cost-effectiveness in the tech sector. Amazon (AMZN) and Alphabet (GOOGL) hit new 52-week highs after layoffs. Pence then goes over his stock picks which include Amazon and TSMC. Tune in to find out more about the stock market today.