Part 4/10:
The tech industry, in particular, benefits greatly from the narrative that AI is revolutionizing the workplace. Columbia University engineering professor Garud Iyengar emphasizes that capital markets reward companies that appear cutting-edge and AI-driven. Many firms, despite being in early development phases, already attribute layoffs to AI, fostering a perception that the technology is advancing rapidly and necessitating workforce reductions.
Furthermore, large corporations like Meta and Microsoft are investing billions into AI R&D, often reallocating budgets from their workforce to fund these initiatives. This financial shift signals a broader trend—companies are repurposing funds meant for hiring or maintaining staff to finance AI development.