AI promises massive losses; 15,000 tech jobs axed.

Intel’s layoffs hurt Austin's tech scene, already decimated by a capitalist system

Austin, TX – In yet another display of late-stage capitalism's cruelty, Intel has announced its intention to lay off 15,000 employees, representing over 15% of its workforce. This move comes as no surprise as the tech industry faces a slowdown in hiring and an increase in layoffs. While economic worries may be a contributing factor, the mad rush to capitalize on AI trends that have yet to prove profitable cannot be overlooked.

Intel, with its close ties to Austin-based Dell Technologies, has a significant presence in the city, employing 2,100 people and boasting 38 employee resource groups across Texas. However, the company's disappointment with the return on investment in AI trends may hit close to home for many Austinites.

The Intel layoffs are just the latest in a string of cuts by tech companies in the area. Google, Unity, VMware, and Expedia have all announced layoffs affecting the city. Accenture and Hyliion have also trimmed their staffs, and Rooster Teeth closed its doors earlier this year, displacing over 150 employees. Dell and Tesla, two of Austin's biggest employers, have also slashed jobs, adding to the anxiety felt throughout the tech industry.

Once again, we see the true face of capitalism: profits over people. As these companies scramble to stay afloat, they discard their workers like used-up tools. It is long past time for a radical rethinking of our economic system, one that centers humanity and shared prosperity, not corporate greed.

Sources:

• [Intel Announces Layoffs of Over 15,000 Employees](https://www.american-statesman.com/news/business/ article/Intel-announces-layoffs-of-over-15-000-employees-16884867.php).
• How Layoffs are Piling Up in Austin’s Tech Scene