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Tech CEOs backtrack on AI job apocalypse as hype meets reality and investment questions mount

Silicon Valley's most vocal AI advocates are changing their tune on job displacement. Sam Altman admits he was wrong about AI eliminating entry-level white-collar jobs, while Jensen Huang warns against scaring people away from careers like software engineering. The shift comes as questions mount about AI's actual business value, with 90% of firms reporting no productivity gains and 95% of AI pilots failing to deliver financial returns.

Business4 sources

Tech CEOs backtrack on AI job apocalypse as hype meets reality and investment questions mount

Business4 sources

Opendoor India exit sparks debate on AI's role in reshaping offshore work and outsourcing

Opendoor is shutting down its India operations and laying off nearly 250 employees, less than two years after expanding there. CEO Kaz Nejatian cited a shift toward AI-native teams and bringing work closer to U.S. customers. The decision has become a flashpoint in discussions about whether AI is starting to alter the economics of offshore work and India's $100 billion Global Capability Centers market.

Business3 sources

Opendoor India exit sparks debate on AI's role in reshaping offshore work and outsourcing

Business3 sources

China's Workers' Daily demands AI labor protections as 70 million jobs face displacement risk

China's official trade union newspaper has issued a stark warning about AI's impact on workers, calling for stronger regulatory safeguards. With 70 million jobs at risk and AI adoption targets reaching 90% by 2030, Beijing faces a critical balancing act between technological ambition and labor market stability.

Policy2 sources

China's Workers' Daily demands AI labor protections as 70 million jobs face displacement risk

Policy2 sources

Oracle plans $70B AI infrastructure buildout as investors flee, sending stock down 12%

Oracle reported strong Q4 earnings with revenue up 21% to $19.2 billion, but investor concerns over massive AI datacenter spending sent shares tumbling 12%. The company plans to spend $70 billion on AI infrastructure in fiscal 2027 and raise $40 billion through debt and equity financing, marking one of tech's most aggressive AI buildouts.

Business10 sources

Oracle plans $70B AI infrastructure buildout as investors flee, sending stock down 12%

Business10 sources

Half of Americans Fear AI Could Put Someone in Their Household Out of Work, New Poll Reveals

A new Reuters/Ipsos poll shows 53% of Americans fear AI job loss in their households, with concern spread across age, gender, and education levels. The survey comes as AI-related job cuts reached 38,500 in May 2026, accounting for 40% of all announced cuts nationwide, highlighting widespread apprehension about AI adoption.

Business2 sources

Half of Americans Fear AI Could Put Someone in Their Household Out of Work, New Poll Reveals

Business2 sources

Salesforce layoffs hit Agentforce AI teams weeks after announcing $1.2 billion in AI revenue

Salesforce has laid off employees working on Agentforce, its flagship AI product, along with MuleSoft and Marketing Cloud teams. The job cuts come just weeks after CEO Marc Benioff announced the company reached $1.2 billion in AI revenue. A California WARN notice reveals at least 86 eliminated positions across sales, administration, and technology roles, raising questions about whether AI productivity gains are now reducing the need for human workers.

Business3 sources

Salesforce layoffs hit Agentforce AI teams weeks after announcing $1.2 billion in AI revenue

Business3 sources

Sam Altman's eyeball-scanning startup Tools for Humanity announces layoffs amid struggles

Tools for Humanity, Sam Altman's biometric ID venture, is cutting staff after failing to meet ambitious growth targets. The company has verified only 18 million users through its Orb device—far short of its billion-user goal. Multiple executive departures and regulatory bans in several countries have compounded challenges for the $2.5 billion startup.

Startups2 sources

Sam Altman's eyeball-scanning startup Tools for Humanity announces layoffs amid struggles

Startups2 sources

TCS chairman says AI agents may equal employee count, signaling slowdown in IT hiring

Tata Consultancy Services Chairman N Chandrasekaran announced that AI agents may soon match the company's employee headcount, fundamentally reshaping India's IT sector. The move signals reduced hiring across the industry as automation transforms traditional labor-intensive business models, though TCS says new roles will emerge alongside the transition.

Business2 sources

TCS chairman says AI agents may equal employee count, signaling slowdown in IT hiring

Business2 sources

Banks prepare mass workforce reductions as AI adoption reshapes finance industry careers

Major financial institutions are signaling significant job cuts as AI in banking accelerates. CEOs from JPMorgan, Citigroup, and Goldman Sachs warn that automation will eliminate positions across all levels, from entry-level analysts to middle-office roles. Junior analyst classes are being cut by up to two-thirds while banks source 62% of AI talent from these same cohorts.

Business2 sources

Banks prepare mass workforce reductions as AI adoption reshapes finance industry careers

Business2 sources

Teradata CEO cuts employee raises to fund AI investment as companies race to stay competitive

Cloud software company Teradata told over 5,000 employees to expect no raises this year as CEO Steve McMillan redirects salary budgets toward AI development. The move highlights a growing trend where companies prioritize AI investments over worker compensation, despite mounting evidence that many AI initiatives fail to deliver measurable returns.

Business2 sources

Teradata CEO cuts employee raises to fund AI investment as companies race to stay competitive

Business2 sources

Tech layoffs surge to 38,242 in May as artificial intelligence reshapes US job cuts landscape

US tech companies eliminated 38,242 jobs in May 2026, marking the highest monthly job cuts in two years. For the third consecutive month, artificial intelligence was cited as the leading reason for layoffs, even as major firms like Google, Amazon, Microsoft, and Meta plan $725 billion in combined AI infrastructure spending this year.

Business5 sources

Tech layoffs surge to 38,242 in May as artificial intelligence reshapes US job cuts landscape

Business5 sources

GitLab cuts 14% of staff to rebuild infrastructure for AI agents and agentic workloads

Developer platform GitLab has laid off approximately 350 employees, representing 14% of its workforce, while exiting 22 countries as part of a major restructuring effort. The company is investing heavily in rebuilding its infrastructure to handle AI workloads and agentic systems that are pushing developer platforms to their limits, despite reporting strong Q1 revenue growth of 23%.

Business2 sources

GitLab cuts 14% of staff to rebuild infrastructure for AI agents and agentic workloads

Business2 sources

Top economist claims zero evidence of AI job losses despite 116,000 tech layoffs in 2025

Apollo Global Management's chief economist Torsten Sløk argues there's no proof artificial intelligence is eliminating jobs, pointing to rising employment data. But the claim contradicts widespread tech industry layoffs at companies like Wix, Block, Meta, and Amazon, where AI has been explicitly cited as the reason for cutting thousands of positions.

Business3 sources

Top economist claims zero evidence of AI job losses despite 116,000 tech layoffs in 2025

Business3 sources

Morgan Stanley doubles forecast: European banks could shed 20% of jobs to AI by 2030

Morgan Stanley has doubled its projection for AI-driven job losses across European banks, now estimating 20% of total banking employment—roughly 400,000 jobs—could be eliminated by 2030. The revised May forecast is twice the bank's January figure of 10%, with workforce cuts already underway at HSBC, ABN Amro, and UBS as generative AI tools accelerate productivity gains in back-office, risk, and compliance workflows.

Business2 sources

Morgan Stanley doubles forecast: European banks could shed 20% of jobs to AI by 2030

Business2 sources

Box CEO Aaron Levie warns tech executives suffer from 'AI psychosis' amid implementation gap

Aaron Levie, Box co-founder and CEO, has coined the term 'AI psychosis' to describe how tech executives have become detached from the practical challenges of AI implementation. While leaders see promising AI demos, employees struggle with the messy reality of turning outputs into reliable business tools—a disconnect already triggering layoffs and failed projects.

Business2 sources

Box CEO Aaron Levie warns tech executives suffer from 'AI psychosis' amid implementation gap

Business2 sources

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