Where Are Laid Off Tech Employees Going? | CNBC Marathon

CNBC explores challenges currently facing U.S. tech workers, including mass layoffs, widespread cuts in company budgets, and threats of deportation for H-1B visa holders. “The layoffs to the start of 2024 signal a dramatic shift in the tech industry,“ said Jeff Shulman, professor at the University of Washington’s Foster School of Business. The number of tech sector layoffs in 2024 has been outpacing the number of terminations in 2023. So far, about 42,324 tech employees were let go in 2024, according to , which tracks layoffs in the tech industry. While layoffs have put stress on the workforce, a booming artificial intelligence market is giving the industry a renewed sense of optimism. Generative AI startup deals announced or finalized in the first quarter of this year totaled more than $12 billion compared to about $4.5 billion invested in the space last year, according to PitchBook. On July 16, 2023, Canada opened visa applications for a pilot p