Why Amazon, Google and Microsoft Laid Off Thousands Of Tech Workers

Tech giants like Amazon, Google and Microsoft have laid off tens of thousands of workers in the past few months. After going on a hiring spree during the Covid-19 pandemic, tech giants now face several headwinds. Higher interest rates and persistent inflation are making the cost of doing business more expensive for high-growth industries like technology. What's more, the rise of buzzy new generative A.I. tools like OpenAI's ChatGPT3 have caused companies like Google and Microsoft to to shake up their old search strategies. So, what do the widespread tech layoffs mean for the wider U.S. economy? » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC Why Amazon, Google and Microsoft Laid Off Thousands Of Tech Workers