(TheConservativeTimes.org) – Cisco has said that they will lay off thousands of people in a second round of layoffs amid the move to artificial intelligence. They are focusing on higher growth areas including both AI and cybersecurity.
This could affect about four thousand people and will be announced later this week with the company’s next quarter results. In February the company laid off about four thousand workers in their first round of layoffs. The company employed over eighty thousand people across their business last year according to their files.
Cisco is a company that makes routers and switches for direct internet, but has been battling with demand and have struggling with supply chain issues. They have been pushing to incorporate AI products and stated that they have a one billion dollar target order for AI products for next year.
Cisco has invested in startups Cohere, Scale AI, and Mistral AI; they say they’ve made about twenty total investments over the last several years.
The technology industry as a whole has been experiencing an increase in layoffs as many are downsizing, changing up their structure, or focusing on implementing artificial intelligence. In total, over one hundred and twenty thousand people have been laid off across over four hundred tech companies.
Technology company Intel laid off fifteen percent of its workforce, which is about seventeen thousand people. Other companies such as Microsoft, Amazon, and Google have laid off thousands of workers as well. Artificial intelligence is undeniably costly; businesses are laying off workers and removing sectors of business to offset this cost.
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