So many companies cut their workforce as much as 10-15% citing that those jobs can be fully automated by the use of AI but I am still waiting to see any meaningful price cuts of their products from the said companies, etc.
Otherwise this will mean that they are doing this just to increase their profit margins and please their shareholders and don’t care about their customers or workforce.
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Once the labor force is truly laid off en masses as AI gets better, then competition will force prices lower, dramatically reducing margin for profits. It’s the Tendency for the Rate of Profit to Fall, you just have to wait a few years for the full effects.
10-15% cuts are nothing compared to what may come.
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