Mark Zuckerberg · Cloudflare · Microsoft · AI Agent · Cursor · Google · Crunchbase News
ZoomInfo, Freshworks and Upwork also announced substantial cuts ranging from 11% to 24% of their workforces
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The trend extends beyond Silicon Valley, as non-tech firms also find they can cut their tech workforces while amping up AI investment.
Key facts
- In 2024: At least 95,667 workers at U.S.-based tech companies lost their jobs in 2024, according to a Crunchbase News tally
- PayPal reportedly cut around 4,760 employees, or 20% of its workforce, while Bill said layoffs affecting roughly 709 employees, or around 30% of its staff
- Layoffs during the weeks ended May 14, 2026: At least 24,332 U.S. tech sector employees were laid off or scheduled for layoffs, per a Crunchbase News tally
- Tech layoffs started to surge in 2022 and continued in 2023 and 2024
Summary
A new wave of tech layoffs has swept across the tech industry in recent weeks, with companies citing AI investment, restructuring and efficiency drives as key reasons for workforce reductions. The cuts span cloud infrastructure, fintech, enterprise software and consumer internet companies and include some of the U.S.’ biggest household names, underscoring how rapidly the AI transition is reshaping hiring priorities across the sector. Enterprise tech giant Cisco said it would cut nearly 4,000 employees, or roughly 5% of its workforce, as it shifts spending toward AI infrastructure and cybersecurity. Cloudflare announced one of the steepest percentage cuts, eliminating more than 1,100 jobs, or about 20% of staff, in what it described as an AI-focused reorganization. “The way we work at Cloudflare has fundamentally changed,” CEO Matthew Prince and President Michelle Zatlyn wrote in a company blog post. Cloudflare’s usage of AI has increased by more than 600% in the last three months alone.