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Tech companies shed jobs in AI pivot, EY's failed 'Project Everest' plan, and Shein seeks Beijing's approval for IPO. Imran Khan's rise in Pak, election odds, and political dynamics. Uncertain political situation, economic crisis in Pak. Sheehan's potential IPO and Beijing's role.
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Quick takeaways
- Tech companies are laying off employees and pivoting to artificial intelligence as a new area of growth, leading to 34,000 job cuts since the start of the year.
- Despite being in jail and facing opposition from the military, Imran Khan's party, PTI, won the most seats in Pakistan's parliament, potentially changing the power dynamics in Pakistani politics and challenging the military's influence on elections.
Deep dives
Tech layoffs continue as companies pivot to new areas of growth
Since January, tech companies like Microsoft, eBay, and PayPal have announced a total of 34,000 job cuts as they look to pivot to new areas of growth, including artificial intelligence. These layoffs come after a period of massive hiring during the COVID pandemic, leading companies to scale back their workforces. The trend suggests that 2024 will be another year of significant layoffs in the tech industry.
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