Speaker argues that large tech firms (example: Facebook and Google) are laying off employees despite reporting huge profits because of fiduciary pressures to maximize shareholder value. Companies pursue efficiencies and are increasingly using AI to disintermediate and replace work that was previously uniquely human; the speaker frames this trend as accelerating and alarming.
Chapters
I think you start to see these companies that are forward looking like Facebook and Google laying people off and they, they make billions of billions of dollars of profit and the reason why is they have a fiduciary. Everyone's like why are they laying people off? They make billions of billions of dollars. They have a fiduciary responsibility to the person that bought their stock today right at a high price to make it higher. Right. They have shareholders that are, you know, have four 1Ks or in doubt college endowments and things like that. So they're going to obviously want to optimize their, their profits. And the way they do that is look for efficiencies. And what they're seeing ahead of other companies is just how many places in the way they operate where AI can disintermediate human work. And every day we are seeing use cases more and more in terms of what used to be uniquely human now can be replaced by technology. And that's really scary.