Andrew Lokenauth: Companies spend more on AI than on employees after workforce cuts

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Andrew Lokenauth: Companies spend more on AI than on employees after workforce cuts — AI costs surpass workforce savings

Andrew Lokenauth observes that companies have reduced their workforce to allocate funds for AI initiatives. However, he points out that some firms are now spending more on AI technology than they previously did on employees.

According to Lokenauth, these companies justified layoffs to Wall Street by citing a reallocation of resources toward artificial intelligence.

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Major firms including UPS, Oracle, and Amazon have announced layoffs totaling tens of thousands as of July, according to Lokenauth’s previous findings. He has separately noted that U.S. stock market futures declined as oil prices rose on new Iran tensions earlier this year in a related report. The layoffs were reported before companies shifted spending toward artificial intelligence.

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