Politics, Stocks, and Layoffs: A Tumultuous Week
Hi there! This week, we’ve seen some massive shifts in the tech industry. We’ve seen some big changes when it comes to budgets, defense contracts, and the stock market related to tech. And, unfortunately for most developers, it looks like the painful rounds of layoffs everyone’s been experiencing in the last few years are far from over.
Let’s take a look at everything that’s happened and what you can learn from it. The worst thing you could be in this day and age is unprepared. That only leads to expensive mistakes.
If you want to keep an eye on some other trends, we’ve written an article on what we think are the most important changes to be aware of in application development. Check it out to make sure you haven’t missed something that could affect you later!
The market has loved tech stocks the last few years, but is that time ending? “The Magnificent 7” - Tesla, Nvidia, Alphabet, Meta, Amazon, Apple, and Microsoft - have collectively lost more than $1 billion since the start of the year!
If even these tech giants are suffering, it doesn’t bode well for the little guy. So what can you do if you have a tech company?
Now may be a good time to start focusing on diversifying your revenue or taking a closer look at where you could make your spending a little more cost-effective. AI and automation are incredibly useful tools to help you reduce overhead.
U.S. budget cuts are set to affect federal science and tech agencies. Industry leaders haven’t been shy about the potential consequences.
America is currently leading the way regarding AI and other industry advancements. But that could very quickly change. If you are a U.S.-based company or developer or use one’s services, it’s a good idea to consider what else is out there.
Find a good alternative to AI frameworks, cybersecurity, and any other rapidly evolving tool you are using to prevent the possibility of future delays if you need to switch quickly.
If you receive any funding, it’s also a good idea to look into the private sector to compensate for any potential losses that could affect you.
Wayfair is closing its Austin location. Three hundred and forty people will lose their jobs because of it. But why? After all, they just closed their German operations, cutting 730 jobs in January.
AI can be a great tool. As it increases its generative capabilities, and as hardware advances allow for faster processing, it can take on more complex jobs. It’s quicker, more accurate, and doesn’t need a monthly salary- the natural choice for operational efficiency.
So how do you make sure you don’t lose your job? Adapt! Make sure you’re learning new skills to keep yourself relevant. Provide new services that AI and machine learning can’t replace. Don’t delay!
Palmer Luckey, the founder of Oculus, just landed a big defense contract with the U.S. Army. His job? Mixed-reality goggles!
All industries are being affected by AI, and it is now modernizing defense technology! However, some people could have security concerns.
Maybe there could be an opportunity for you, whether on the security side or the development and testing of the technology itself.
This week, we’ve seen a variety of developments that will influence the tech industry - some negative and some positive. It is important to learn as much as possible from what’s happening in order to prepare for the future.
If you have found this edition of the Trio Insight helpful, share it with someone else who might benefit from it. If you have anything to add, hit reply to let us know! We would love to hear from you!
Until next time - keep adapting.
Daniel,
The Trio Team