Mark Zuckerberg's memo accompanying Meta's layoffs of about 8,000 jobs said that "success isn't a given" in the AI era, CNBC reported on May 20. The memo is an example of how CEOs are explaining large cuts to staff in terms of competitive pressure from AI.
Meta's stock later dropped 8% after July earnings even as Microsoft rose 15%, showing investors want AI spending to translate into visible returns.
Source: CNBC