150 Tech Companies Cut 115,000 Jobs as AI Becomes Cover for Broader Retrenchment

5 articles · Updated · The New York Times · Jun 1

At least 115,000 workers have been laid off by more than 150 tech companies so far in 2026, with the pace of cuts accelerating in recent weeks.
Meta, Coinbase and Block alone eliminated about 13,000 jobs after each cut at least 10% of staff, and all partly pointed to AI while also confronting deeper business strains.
Those strains varied: Meta retreated from a metaverse push that cost about $80 billion, Coinbase cited a weak crypto market, and Block said it had overexpanded after tripling head count from 2019 to 2022.
Layoffs now span software, social media and fintech groups including Atlassian, Autodesk, Pinterest, LinkedIn, Intuit and PayPal, suggesting the pullback is industrywide rather than limited to AI-heavy firms.
Analysts say the AI rationale can help companies sell cuts to investors as Wall Street rewards AI narratives, even when the underlying drivers are overhiring, lost market share or pressure to lift profits.

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