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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Unemployment will creep up during the summer and the deleveraging process for the US consumer will be painful! pic.twitter.com/pLBXAyiaKZ
— The Quant Guy (@Andrea_Texas_82) February 14, 2024
Stanley Druckenmiller has dumped tech stocks and has bought gold miners.
You are reading this right.
Arguably one of the world's greatest investors.
Central banks are stockpiling gold.
Now,
Legendary investors are buying miners.
— Gold Telegraph ⚡ (@GoldTelegraph_) February 15, 2024
⚠️ THE ORACLE HAS SPOKEN ⚠️
WARREN BUFFET TRIMS $AAPL STAKE – WSJ
I mean, what other sign people do need to realise that the elite is taking chips off this #StockMarket (casino) table because there is something very wrong with it?! 🙈 t.co/eJA6u0zXwS pic.twitter.com/vxY14ptK5O
— JustDario 🏊♂️ (@DarioCpx) February 14, 2024
The US stock market is close to being the most concentrated in history. pic.twitter.com/BvxVYpvlx9
— Piker Capital (@PikerCapital) February 14, 2024
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