In Q1, over 45,000 people were laid off in the global tech industry, and AI has become the best scapegoat this year. In fact, Block's operation of laying off 40% and then quickly recalling them has already pulled down the veil—it's purely that these big companies over-hired in the past and are now being pressed down by high interest rates; the good times are not coming back.

It's too familiar; this is a typical macroeconomic cycle clearing. With liquidity drained, high interest rates, and stagnant consumption, companies can only cut jobs to survive. For us in the crypto space, this wave of layoffs indicates that off-market liquidity is still shrinking, and the pressure period for risk assets may be longer than expected. Don’t just focus on the AI narrative; the underlying macro logic still points to a harsh environment, and liquidity exhaustion is the real killer.

Do you think this wave of "AI layoffs" is a true revolution, or are the bosses just putting on a show? #AI #Macroeconomics #Layoffs $BTC $SQD

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