Interest rate hikes in the US, UK, EU, etc are rising and are still high.
VCs, companies and angels aren't investing more capital in startups in all stages.
Startups and companies are tightening their costs and turning to mass layoffs which are still happening, e.g. Stripe, Block, Amazon, Netflix, Google, Snap, Cruise, etc.
Interestingly, companies like Meta have done layoffs of SWE only to start hiring for the same position again at a lower salary and compensation.
Ever since ChatGPT was introduced, firms like Accenture (one of the biggest professional services firms) done 18,000 layoffs and is now making a full $3BN embrace of AI.
I'm assuming the salaries would be lower here, but unless a tech employee is working at OpenAI, it doesn't seem that high salaries would last in this current age as ChatGPT looks set to take on more tasks.
Most software SaaS services and startups would mostly be replaced as OpenAI 'GPTs', this obviously causes the vast majority of startup ideas and the value captured by OpenAI.
I'm not disputing that tech employees can't use ChatGPT / GH Copilot, is just that I don't think firms would pay high salaries for work that can just use ChatGPT or Copilot.
So, is it over?
https://www.nytimes.com/2023/06/13/business/dealbook/accenture-ai-billion-consulting.html
https://www.wsj.com/articles/accenture-to-cut-19-000-jobs-2-5-of-workforce-84c1ecdd
I haven’t put a lot of effort into job hunting yet, but my colleagues report that they are likely to come out of this with a pay rise.
Worth noting that my employer is not a tech company. What the facebooks and microsofts of this world do does not necessarily reflect what companies with fewer than fifty engineers do.
Do you mean that LLM-wrapper (SaaS) startups are obsolete, or that people use GPTs to bootstrap generic (SaaS) startups?