Big Tech Crash Accelerating in 2023 – Billions Lost on AI
by Brian Shilhavy
Editor, Health Impact News
The Big Tech Crash of 2022-2023 is accelerating here in 2023, and yet almost nobody is sounding the alarm as to just how significant the crash is going to affect everyone’s lives.
Instead, we are pummeled every day with reports in both the corporate and alternative media about how the technology is advancing, and that AI is poised to take over the world and replace humans.
Nothing could be further from the truth.
While it is easy to collate the news and come to this very simple conclusion, that Big Tech is crashing, I have yet to see one other journalist refer to what we are now seeing as a “Big Tech Crash” which is very rapidly making the Dot.com technology crash of 2001 look like a walk in the park by comparison.
I started reporting on this at the beginning of the 4th quarter in 2022. Here are some of our previous articles on the Big Tech Crash.
The Technocrats Exposed: Almost 70,000 Layoffs in Big Tech so far in 2023 as Techno-Prophecies Fail
Big Tech Crash 2022: Amazon Fires 10,000 Employees, Largest Layoff In Company History
And as we complete just the 1st week of March, 2023, things are only getting worse, much worse.
Another Self-Driving AI Company Goes Bust
According to Layoffs.fyi, there have now been 125,977 layoffs in Big Tech for the first two months of 2023. There were 161,411 layoffs in Big Tech in all of 2022.
On October 28, 2022, I announced that the fantasy of fully autonomous self-driving vehicles was dead, and I have yet to read anyone else acknowledge this, at least not publicly. See:
The Fantasy of Autonomous Self-Driving Cars is Coming to an End as Tesla Faces DOJ Criminal Probe
Yesterday it was reported that autonomous trucking firm Embark Technology plunged 33% after they reported that they were exploring a range of options including potential dissolution of the company, and liquidation of their assets.
They have lost nearly $5 billion in valuation in under 2 years.
Shares of autonomous trucking firm Embark Technology plunged 33% Monday after it said it was exploring a range of options including potential dissolution of the company and liquidation of its assets.
Embark was valued at more than $5 billion two years ago when it went public on Nasdaq through a merger with a special purpose acquisition company. But like many other autonomous vehicle firms, it struggled to develop and commercialize its technology while burning through cash. After Monday’s steep decline, Embark’s current market capitalization is about $60 million.
In a regulatory filing last Friday, Embark said it was laying off about 230 employees. (Source.)
This follows an announcement a few weeks ago that Google’s self-driving taxi company, Waymo, was also laying off employees.
Alphabet’s Waymo Robotaxi Subsidiary Cuts Staff, Including Trucking Engineers
Alphabet’s self-driving vehicle unit Waymo quietly laid off staff Monday, continuing a wave of job cuts at the parent company of Google, according to LinkedIn posts from affected employees and one person briefed about the move.
The posts indicated that Waymo cut recruiters, people who help train other employees to operate the vehicles, and technical staff focused on automating semitrailer trucks. The total number of laid off “Waymonauts” at the roughly 2,500-person company couldn’t immediately be learned.
Waymo is at least the fourth Alphabet subsidiary to cut staff this month. Google laid off roughly 12,000 workers on Friday, or 6% of staff, including people with high performance ratings, The Information reported. Robotics unit Intrinsic and life-sciences company Verily cut a total of more than 250 people two weeks ago, representing about 20% to 15% of staff in those units, respectively.
Alphabet has been under pressure to stem losses at Waymo, which has the largest headcount of any of its “other bets.” In November, activist investor TCI called on CEO Sundar Pichai to curb its spending, citing steps by Ford and Volkswagen to shut down their self-driving car projects. (Full article here. Subscription needed.)
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