Tech Industry Turmoil: Cisco Announces 5% Workforce Cut Amid Broader Layoff Trend

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Cisco joins a growing list of tech giants implementing significant layoffs, signaling potential trouble for the industry as the tech bubble comes under scrutiny. The move by Cisco to cut 5% of its global workforce adds to a wave of layoffs in prominent tech companies, including Twitch, Roomba, Spotify, and more.

The alarming trend in tech layoffs is further highlighted by renowned investors like Stanley Druckenmiller shifting away from tech stocks and turning to gold miners. Warren Buffett’s recent trimming of the AAPL stake and Jeff Bezos offloading billions in Amazon stocks underscore a broader sentiment among elite investors that all may not be well in the stock market.

As job losses in the tech sector continue to mount, concerns about the industry’s stability and the overall health of the stock market intensify, leading to questions about the sustainability of the tech bubble.

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