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Cake day: June 14th, 2023

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  • Most tech observers say A.I. probably wasn’t the cause of those layoffs because, at the time, it wasn’t yet good enough to replace coders. Other factors, they figure, were more significant: Interest rates rose, so tech firms lost their easy growth money. Companies that overhired shed that excess capacity. Some also suspect that when Elon Musk bought Twitter and said he laid off 80 percent of his work force, tech executives at other firms took note and decided that maybe they didn’t need so many engineers either.

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