Executives are increasingly citing AI as a reason for layoffs. Wall Street strategists say it may be too early to determine how much of it stems from genuine productivity gains versus the need to cut costs.
“I think there’s some real displacement. I think you’re also seeing executives use this as a good scapegoat for where they want to trim some of the fat,” Winthrop Capital chief investment officer Adam Coons told Yahoo Finance last week, after crypto trading platform Coinbase (COIN) announced plans to cut 14% of its workforce.