Firing Workers to Pay for AI
3-minute read.
In today's newsletter:
- Meta may fire 15,000 workers to pay for AI
- AI may cost more than the internet did
- One company makes 70% of the world’s AI chips
- One software bug away from losing your entire company data
- One more thing: A startup helping professionals find therapists who take insurance is now worth $3B. Is that news?
Meta May Fire 15,000 Workers to Pay for AI
Meta Platforms is reportedly considering cutting up to 20% of its workforce, which could mean about 15,000 jobs out of its roughly 79,000 employees.
If it happens, it would be the company’s largest layoffs ever and bigger than the 21,000 workers Meta cut in 2022 and 2023 under CEO Mark Zuckerberg.
The possible layoffs come as Meta spends billions building AI systems, data centers, and specialized chips to compete with companies like Google and OpenAI.
Some executives believe new AI tools will allow smaller teams to do the same work, raising concerns that AI could replace some of the engineers building it.
AI May Cost More Than the Internet Did
Jensen Huang says the boom is just starting, and analysts estimate global data-center spending could reach about $6.7 trillion by 2030.
Companies like Microsoft, Amazon, Google, and Meta Platforms are already spending hundreds of billions on AI chips and data centers.
These centers run powerful chips from Nvidia and Taiwan Semiconductor Manufacturing Company, and use huge amounts of electricity.
Experts now say data centers are becoming the new oil fields of the AI economy.
One Company Makes 70% of the World’s AI Chips
Taiwan Semiconductor Manufacturing Company now produces about 70% of the world’s advanced semiconductor chips.
Many major tech companies design AI chips but rely on TSMC to manufacture them. This includes Nvidia, Apple, Advanced Micro Devices, Amazon, and Google.
Because TSMC makes most of the advanced 3-nanometer and 5-nanometer AI chips, much of the global AI industry depends on its factories.
Competitors like Samsung Electronics are far behind, which means many of the world’s most powerful AI systems rely on chips made by one company.
One Software Bug Away From Losing Your Entire Company Data
A critical vulnerability was found in Veeam Backup & Replication, widely used enterprise backup software.
Researchers discovered five flaws, including three critical remote code execution vulnerabilities, affecting version 12.3.2.4165 and earlier.
Veeam told customers to update to version 12.3.2.4465 or newer.
Hackers could use the flaw to access backup servers that store full copies of company data.
A Startup Helping Professionals Find Therapists Who Take Insurance Is Now Worth $3B. Is That News?
Disclaimer: This newsletter is for informational purposes only. Details may change or come from third-party sources; always do your own research and consult a qualified professional before making decisions.
