alt Hacker News- job loss and entry level hiring collapse --> I will out that as in the group "Not a bubble" (Not that I am thinking it myself that it's not a bubble).
It looks like the end goal of replacing labor by capital is working.
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mbgerring • today at 8:00 AM
No. The biggest layoffs are happening at companies that need to free up additional capex for infrastructure buildout, because they're not getting ROI from their existing capex, and they're having trouble finding more money.
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With big technological shifts like this, it's important to keep in mind that the ability to do more with less resources can pan out in two different ways: (1) Keep doing what you're already doing, and lay off the people you no longer need, or (2) Do more than you did with the same amount of resources.
The answer depends on the company, but I think many companies are still figuring out whether and how they can exercise this new capacity. We don't know where it will land yet at a societal level. It's a parameter shift, and it will take some time. Pray that you live in a place with sensible labor laws and safety nets.