this post was submitted on 07 Mar 2026
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Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report.

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[–] InvalidName2@lemmy.zip 51 points 22 hours ago (4 children)

Sucks to be in tech right now. I'm sure there are still pockets of good employers with happy, confident worker bees, but those are few and far between as best I can tell.

Pretty much everybody I know and speak with regularly who is working in the tech industry or a tech role in general is feeling the strain.

Layoffs. Remaining employees have to pick up the additional workload of people who were laid off. Threats of future layoffs. Hiring freezes. Bonuses slashed or cut entirely. Little or no raises, not even cost of living increases. Demotions, in some cases. Expected to use LLMs to do things that LLMs have no business doing because management is clueless on the topic and expects everybody who is "good with computer" to be an AI expert. And the list goes on.

And then as already mentioned elsewhere, there are almost no true entry-level positions opening up, so new grads are really struggling to get established in the industry. It's particularly sad because this is so short-sighted and the negative impacts have the potential to be quite severe.

[–] Tollana1234567@lemmy.today 2 points 6 hours ago

we already seeing the effects of fresh graduates from college, and those that are still in. i wonder if any more reports of universities having low enrollments is going to be too big to ignore.

[–] HubertManne@piefed.social 4 points 15 hours ago (1 children)

This is worse than 2008 and I remember back then I was let go and the other guy was not and we sorta debated which would be worse off. This is way worse though. I would say at least twice as bad at this point. Funny thing was no one realized the trouble we were in in 2008 it was really like 2010 by the time it was really felt. On hindsite they are going to be talking about the collapse in 2025.

[–] 7101334@lemmy.world 3 points 8 hours ago

I'm not an economist, so I don't know shit about fuck (though most economists don't either tbf), but some people are comparing this to the railway bubble. Shit's (potentially) so bad that they don't even have a comparison from within our lifetimes to point to.

[–] jkercher@programming.dev 17 points 20 hours ago (1 children)

Easy win for companies that didn't buy into the hype. I'm the only dedicated software dev at my company, so there was no middle manager to foolishly think a chat bot could do my job. We are a small company that can compete with big players, and those big players appear to be floundering. Now, we are expanding.

[–] ChickenLadyLovesLife@lemmy.world 22 points 22 hours ago (3 children)

I was laid off in 2019 by a large west coast tech giant as part of a mass layoff. We had the option of trying to find a new internal job but every job posting involved AI (seven years ago!) and nobody that I knew even got a reply from any application. Now I'm a school bus driver and 100X happier even though I make like 1/5 of what I used to make. The plot twist is that AI is probably going to replace school bus drivers sooner or later, flattened children be damned.

[–] Tollana1234567@lemmy.today 1 points 6 hours ago

my older bro as laid off as part of the first wave in '23 heard thier company got bought out and he hasnt found any job yet, he might be doing "investment or stocks though".

[–] rumba@lemmy.zip 10 points 21 hours ago

They could, but you'll likely be the last one to go. Those kids will likely kill each other without supervision, and the third time they have to drive little Jimmy to school because the bus AI didn't wait 30 seconds, they'll be so far up the administration's ass. They'll know what they had for breakfast.

[–] HubertManne@piefed.social -1 points 15 hours ago

ugh. I hate driving.