Global tech layoffs have surged by 45% in Q3 2024, driven by inflationary pressures and geopolitical uncertainty. Major firms like NexaTech and Stellar Systems announced workforce reductions exceeding 10,000 employees, sparking debates about long-term industry stability.
Experts warn this trend could delay innovation in critical fields like generative AI and quantum computing.
We're witnessing a perfect storm of tightened VC funding and cautious corporate spending,said Financial Analyst Maria Torres.
Key factors fueling the crisis:
- Central bank interest rates hitting 22-year highs
- Declining consumer tech purchases
- Overhiring during pandemic-era growth spurts
While some analysts predict marginal recovery by late 2024, most advise workers to prioritize upskilling in AI and cybersecurity to remain competitive.