Tech Company Lays Off 5,500 Workers to Invest More in AI, Despite Making $10.3 Billion in Profit

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Futurism 11h ago

Tech Company Lays Off 5,500 Workers to Invest More in AI, Despite Making $10.3 Billion in Profit - Futurism

Quick Summary:

Pink Slip Season Cisco posted $10.3 billion in profits last year but is still laying off 5,500 workers as part of an effort to invest more into AI and other areas in its business, according to SFGATE.

In short, companies are no longer hiding their optimism over replacing human labor with AI, an unfortunate reality for those looking to maintain a stable job.

In a short statement, CEO Chuck Robbins used the term "AI" five times, highlighting the company's efforts to keep up in the ongoing AI race.