The Media Helps Microsoft, Amazon and Others (GAFAM and Beyond) Lie About Mass Layoffs Amid Valuation Bubble
Some mainstream media (MSM) "values" the "hey hi" (AI) bubble at 20 trillion dollars (apparently in the US alone or mostly in the US). That's basically a "collateral" that does not truly exist. Once removed or relegated to "write-off" everything else 'blows up' (or implodes).
We've lost track of the number - or names - of high-profile people (in finance, technology and so on) who openly said "hey hi" was just a bubble waiting to burst. Those who said it much earlier on, including us, David Gerard and Cory Doctorow, won't be remembered or credited. We're not as high-profile as a former Intel CEO. We're nowhere as rich, so what the heck do we know about anything?
This week there's a lot of reporting about Nestlé layoffs and debt-saddled (160 billion dollars in DEBT) Amazon layoffs. They don't count those pressured to leave and they moreover focus on "HR", even if it's a distraction from a vastly wider scope. Mainstream media (MSM) should quit parroting the lie that Amazon's mass layoffs are "hey hi" (AI) or "HEY HI" something rather than a commercial failure. Some economies worldwide are sagging, so purchases are down. Many companies recognise that "clown computing" (like AWS) does not save them money and does not improve uptime. So AWS is also waning and has had lots of layoffs lately (the same goes for Microsoft's Azure and Google's clown engine).
The bubble won't implode overnight. But it'll implode. The media, instead of saying that there's an "AI bubble" crashing the economy might instead choose the narrative of "jobs replaced by AI". █