Job Cuts: Big Tech Mistakenly Thought Growth Lasts Forever

Tech job cuts are approaching 150,000, says Bill George. He analyzes recent tech job cuts, noting that Amazon (AMZN) cut 18,000, Alphabet (GOOGL) cut 12,000, Meta (META) cut 11,000, and Microsoft (MSFT) cut 10,000. He talks about how he tells CEOs to be careful about over-hiring during growth periods. He notes that Apple (AAPL) has not announced any job cuts, which is a notable exception and tech giants will be more cautious in hiring when the market reverses. He goes over how these job cuts will have a very negative impact on morale. Finally, he goes over lessons to learn from tech job cuts, especially big tech thinking that growth lasts forever. Tune in to find out more about the stock market today.